China Passenger Car Association: The narrow passenger car retail market in November 2022 was around 1.86 million vehicles, a year-on-year increase of 2.4%

According to data from the China Passenger Car Association, preliminary estimates show that the narrow passenger car retail market in November was around 1.86 million vehicles, a year-on-year increase of 2.4%. Among them, new energy retail sales were around 600,000 vehicles, a year-on-year increase of 58.5% , and the penetration rate was about 32.3%.

From the perspective of the whole year, from January to October, the total sales of passenger cars in China reached 16.716 million, a year-on-year increase of only 3.0%, with a net increase of 482,000 units. Among them, the domestic sales of new energy passenger cars reached 4.432 million, a year-on-year increase of 107.5%.

That is to say, in the first 10 months of this year, the sales of new energy vehicles increased by nearly 2.3 million, while the sales of traditional fuel vehicles decreased by 1.8 million. New energy vehicles are unstoppable, and traditional fuel vehicles are beginning to struggle.

The China Passenger Car Association analyzed that with the improvement of product strength and consumer acceptance, the demand for new energy vehicles is relatively strong. The expansion of production capacity of Tesla, BYD and other companies has provided stable support for the increase in new energy vehicle sales at the end of the year.

As new energy subsidies expire at the end of the year, new energy manufacturers have stepped up their promotions. Tesla has officially announced price cuts and launched a number of preferential measures, and brands such as Wenjie and Leapmotor have quickly followed suit. BYD has comprehensively considered the termination of new energy subsidies and the price increase of major battery raw materials, and has officially announced its price increase strategy for next year in advance, striving to accumulate orders for next year.

Zikuai Technology