China's car sales jump in October as automakers rush to meet annual goals
China's car sales rise 11.2% in Oct, fastest since Jan
Domestic champion BYD leads the rise
Rapid growth buoyed by government subsidies
Adds soft sales of high-end models in paragraph 6, adds charts
BEIJING, Nov 8 (Reuters) -China's passenger vehicle sales jumped 11.2% in October year-on-year, the second straight monthly rise and the fastest growth since January, led by domestic champion BYD 1211.HK 002594.SZ as automakers raced to meet annual sales targets.
Sales in the world's largest auto market totalled 2.28 million vehicles last month and increased 3% to 17.99 million for the first 10 months of the year, data from the China Passenger Car Association (CPCA) showed on Friday.
October's growth was the highest since January's 57.1% gain.
Helped by government subsidies of up to $2,800 apiece for trading in older cars for EVs and more fuel-efficient cars, which CPCA secretary-general Cui Dongshu expects to continue into 2025, greener cars continue to be a standout despite a faltering economy.
China's car sales will likely to see an annual rise of 5% in 2024, Cui said.
Luxury car sales which shrank by 7% year-on-year to 210,000 units last month, as well as weak sales of high-end extended-range hybrids, were proof of swings in upscale models despite robust growth in sales of entry-level EVs, he said.
Electric vehicle and plug-in hybrid sales grew by 56.7% from the prior year and made up 52.5% of overall sales, marking the fourth consecutive month that battery-powered cars including plug-ins outsold gasoline cars in the country.
BYD hit another monthly record with sales topping the 500,000 benchmark for the first time in October. It beat Tesla TSLA.O in revenue terms in the third quarter, albeit still trailing the U.S. automaker as measured by EV sales.
The biggest Chinese rival to Tesla has achieved 81% of its revised sales target for this year, while domestic automakers Geely GEELY.UL and Stellantis STLAM.MI-backed Leapmotor 9863.HK have so far hit over 80% of their 2024 goals.
EV upstart Xiaomi 1810.HK, which delivered cars of over 20,000 units for the first time last month, is expected to achieve its full-year target of 100,000 cars in November.
With robust sales in its home turf where BYD sells 90% of its cars, the local giant is widening its lead over second-placed Volkswagen VOWG_p.DE and third-ranked Toyota 7203.T.
BYD topped China’s auto sales rankings with a 15.8% share of the overall market in the first nine months, while its sales of EVs and plug-in hybrids accounted for more than a third of the country’s total, CPCA data showed.
BYD was second only to the combined sales of VW's two joint ventures in China last year.
Globally, VW's MQB A1 automobile platform, estimated to be the top architecture this year, will fade over the coming years, while BYD's BLP is forecast to be the largest global platform in 2031, according to AutoForecast Solutions.
China's car exports slowed last month with a 13% rise versus 22% in October, ahead of the EU's EV tariffs of up to 45.3% that took effect at end-October.
($1=7.1566 Chinese yuan renminbi)
Car sales in China continued to increase in October https://reut.rs/3YVAVea
NEV sales remain above 50% in China in October https://reut.rs/3Z0sDlC
EV adoption in China and the EU https://reut.rs/40CVYDH
Reporting by Qiaoyi Li, Zhang Yan and Kevin Krolicki; Editing by Clarence Fernandez, Elaine Hardcastle and Tomasz Janowski
Asset collegati
Ultime news
Disclaimer: le entità di XM Group forniscono servizi di sola esecuzione e accesso al nostro servizio di trading online, che permette all'individuo di visualizzare e/o utilizzare i contenuti disponibili sul sito o attraverso di esso; non ha il proposito di modificare o espandere le proprie funzioni, né le modifica o espande. L'accesso e l'utilizzo sono sempre soggetti a: (i) Termini e condizioni; (ii) Avvertenza sui rischi e (iii) Disclaimer completo. Tali contenuti sono perciò forniti a scopo puramente informativo. Nello specifico, ti preghiamo di considerare che i contenuti del nostro servizio di trading online non rappresentano un sollecito né un'offerta ad operare sui mercati finanziari. Il trading su qualsiasi mercato finanziario comporta un notevole livello di rischio per il tuo capitale.
Tutto il materiale pubblicato sul nostro servizio di trading online è unicamente a scopo educativo e informativo, e non contiene (e non dovrebbe essere considerato come contenente) consigli e raccomandazioni di carattere finanziario, di trading o fiscale, né informazioni riguardanti i nostri prezzi di trading, offerte o solleciti riguardanti transazioni che possano coinvolgere strumenti finanziari, oppure promozioni finanziarie da te non richieste.
Tutti i contenuti di terze parti, oltre ai contenuti offerti da XM, siano essi opinioni, news, ricerca, analisi, prezzi, altre informazioni o link a siti di terzi presenti su questo sito, sono forniti "così com'è", e vanno considerati come commenti generali sui mercati; per questo motivo, non possono essere visti come consigli di investimento. Dato che tutti i contenuti sono intesi come ricerche di investimento, devi considerare e accettare che non sono stati preparati né creati seguendo i requisiti normativi pensati per promuovere l'indipendenza delle ricerche di investimento; per questo motivo, questi contenuti devono essere considerati come comunicazioni di marketing in base alle leggi e normative vigenti. Assicurati di avere letto e compreso pienamente la nostra Notifica sulla ricerca di investimento non indipendente e la nostra Informativa sul rischio riguardante le informazioni sopra citate; tali documenti sono consultabili qui.
