The latest data shows that the sales volume of the passenger car market in October was significantly higher than the previous month. Among them, self-owned brands increased by 9%. The monthly sales of new energy vehicles reached 65,000 units, an increase of 12% from the previous month and doubled year-on-year.
On November 8, the data released by the Association showed that in October, the total sales volume of domestic passenger vehicles was 2,240,900 units, a year-on-year increase of 2.6%. In terms of subdivision, cars and MPVs sold 1,090,200 units and 171,900 units respectively in October, down 1% and 22.5% respectively year-on-year; while SUVs maintained a good growth momentum, with sales of 986,900 units in October. It increased by 13.7% year-on-year.
The biggest highlight of the passenger car market in October is still the self-owned brand and the new energy vehicle segment. Data show that sales of self-owned brands in October increased by 9% from September. Sales of new energy vehicles increased by 12% quarter-on-quarter and doubled year-on-year. The Association believes that the annual sales forecast of 500,000 new energy passenger vehicles should be successfully realized and surpassed.
Looking at the sales orders of various car companies, the flashes are different. The above brands and the Guangzhou Automobile Group (600,238, shares), the growth rate of independent brands far exceeds the industry average. SAIC Group's passenger car branch (independent brand platform) sold 51,600 units in October, up 28.26% year-on-year; from January to October, it sold 413,000 units, up 77.72% year-on-year. Guangzhou Automobile Group Passenger Vehicle Co., Ltd. sold 45,500 units in October, up 14.05% year-on-year; from January to October, it sold 421,700 units, up 41.82% year-on-year. It is reported that the growth of GAC's self-owned passenger car brand has benefited from the popularity of GAC Chuanqi GS4 and GS8 models. The total sales volume of GAC passenger cars this year is expected to exceed 500,000.
In addition, Jianghuai Automobile (600418, shares), Zhongtai Automobile, Changan Automobile (000625, shares) and other car companies also saw a significant increase in the sales of new energy vehicles. Jianghuai Automobile's production and sales data for October showed that the company sold 3,247 pure electric passenger vehicles in October, up 244.33% year-on-year; from January to October, it sold 20,700 units, a year-on-year increase of 74.11%. Looking at Zhongtai Automobile, although the sales of traditional passenger cars were flat, the sales of pure electric passenger cars maintained a good growth. From January to October, the cumulative sales reached 22,600, an increase of 14.23%. Changan Automobile's sales of new energy vehicles showed a step-by-step growth. According to the company's production and sales data in October, Changan's new energy vehicle sales reached 7,510 units, an increase of 21.29% from September's 6,192 units. From January to October, it has sold a total of 42,600 new energy vehicles.
The faster growth rate is inseparable from Changan's new energy strategy. On October 19th, the new strategy of Changan Automobile New Energy - "Shangri-La Project" was officially launched. According to the plan, in 2020, the construction of three new energy-specific platforms will be completed; in 2025, Changan Automobile will begin to completely stop selling traditional-purpose fuel vehicles and realize the electrification of full-spectrum products. Changan plans to introduce 21 new pure electric vehicles in various forms and 12 plug-in hybrid products by 2025.
According to industry insiders, driven by the “double points†policy, all major domestic and foreign auto companies have been fully electrified and accelerated the launch of new products. It is expected that the production and sales of new energy vehicles will continue to grow at the end of this year. .
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