BEIJING/SHANGHAI, Dec 8 (Reuters) – Growth in passenger vehicle sales in China accelerated year-on-year in November, according to data released on Friday by the China Passenger Car Association (CPCA), amid a war of price.
Car sales rose 25.5% year-on-year last month to 2.1 million units, following a 9.9% rise in October.
Electric vehicle (EV) sales increased 39.8% in November compared to the previous year. They represent 40% of total car sales, in a context of intensification of promotions and discounts at the end of the year.
The CPCA forecasts that passenger vehicle sales in China will reach 22.2 million units in 2024, while growth could reach 5% if exports to Russia continue their strong growth.
BYD set a new sales record in November and is on track to become the first domestic automaker to reach 3 million vehicle sales annually.
New players in the EV sector, including Li Auto, Xpeng and Leapmotor, also saw record deliveries in November.
However, according to the association’s secretary-general Cui Dongshu, dealers in China are facing enormous pressure to meet operational and sales targets as the end of the year approaches, putting pressure on their revenues. .
Tesla, which launched a price war in China earlier this year, has reversed course by making five upward price adjustments since the end of October.
(Reporting by Qiaoyi Li, Zhang Yan and Brenda Goh; French version Augustin Turpin, editing by Kate Entringer)
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