AutoBeta(AutoBeta.net)11/11 Report--

On November 11, the China Automobile Association released the latest production and sales situation of China's automobile market in October 2019. Data show that the production and sales of China's automobile market in October 2019 were 2.295 million and 2.284 million respectively, down 1.7% and 4% from January to October last year. China's auto market accumulated production and sales of 20.652 million vehicles, down 10.4% and 9.7% respectively in the same period.

Since the decline of new energy vehicles, the sales volume of new energy vehicles in China has declined for four consecutive months. Overall, in October this year, China's production and sales completed 95000 and 75000 respectively, down 35.4% and 45.6% respectively from the same period last year. From January to October, the production and sales of new energy vehicles completed 983000 and 947000 respectively, up 11.7% and 10.1% respectively over the same period last year. It can be seen that even driven by the "Silver Ten", China's car sales are still difficult to resist the cold winter of the car market.

The China Automobile Association said that although the decline in China's automobile production and sales has narrowed since the second half of the year, the recovery in China's automobile market has been limited due to the lack of demand in the domestic automobile market, the upgrading of the sixth National students, and the decline in new energy subsidies. However, in the next two months, the decline in China's automobile sales will be further narrowed.

Specifically, the production and sales of new energy vehicles in October were 95000 and 75000, down 35.4% and 45.6% respectively from the same period last year. Of these, the production and sales of pure electric vehicles were 78000 and 59000 respectively, down 33.3% and 43.3% respectively from the same period last year, while the production and sales of plug-in hybrid vehicles were 16000, down 44.3% and 38.7% respectively from the same period last year.

From January to October, the production and sales of new energy vehicles were 983000 and 947000 respectively, an increase of 11.7% and 10.1% respectively over the same period last year. Of these, the production and sales of pure electric vehicles were 795000 and 750000 respectively, up 18.4% and 15.0% respectively over the same period last year; the production and sales of plug-in hybrid vehicles were 186000 and 196000 respectively, down 10.6% and 5.7% respectively over the same period last year; and the production and sales of fuel cell vehicles were 1391 and 1327 respectively, up 8.2% and 8.0% respectively over the same period last year.

The China Automobile Association said that the biggest reason for the decline in sales of new energy vehicles is the impact of subsidies. Since the implementation of subsidies for new energy vehicles on June 26, sales of new energy vehicles in China have experienced "four consecutive declines" as of October this year, with sales falling 4.7%, 15.8%, 34.2% and 45.6% respectively from July to October compared with the same period last year. If the government and enterprises do not take incentives and allow the sales of new energy vehicles to grow as sharply as in September and October, the cumulative sales of new energy vehicles in 2019 are likely to decline as a whole.

At the beginning of this year, the China Automobile Association predicted that the sales of new energy vehicles would reach 1.6 million in 2019. However, after the decline of new energy subsidies, the sales of new energy vehicles halved, and the China Automobile Association reduced its sales target to 1.5 million. In terms of current sales, only 63.13% of the annual sales target has been achieved, which is still a long way from the annual sales target.

However, there is still a certain degree of confidence in the uncertain new energy vehicle market. On the one hand, most cities are actively introducing new energy vehicles, relevant national departments are also issuing relevant policies to promote the development of new energy vehicles, and major car companies have also accelerated the development of new energy vehicles. On the other hand, as the future development trend of new energy vehicles, Chinese consumers are gradually accepting new energy vehicles.

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