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China auto sales jump 12.5% YoY in October

China auto outputs and sales reached 2.552 million units and 2.573 million units respectively in October, jumping 11% and 12.5% from a year earlier, and showing year-on-year growth for the seventh month in a row, according to the China Association of Automobile Manufacturers (CAAM).

 auto salesPV MarketChina auto sales Oct. 2020, China PV sales, China automotive news

Compared to September, China's auto market posted an 11% robust growth in production volume, while the sales only climbed 0.1%. 

In October, PV sales in China rose 9.3% over a year earlier to 2.11 million units. The car, SUV and minibus arms all attained year-over-year growth. MPV sales were down by 5.8% from the previous year to 0.123 million units.

 auto salesPV MarketChina auto sales Oct. 2020, China PV sales, China automotive news

For the first ten months, PV sales aggregated 15.495 million units, sliding 9.9% compared to the year-ago period. The decrease in SUV and minibus’ sales had contracted to 3.1% and 4.6% respectively. The MPV segment faced the biggest decline of 29.5%.

CV sales still vigorously leapt 30.1% from a year earlier to 464,000 units last month. Both bus and truck arms boasted 20% plus year-on-year increase. Notably, the sales of trucks amounted to 421,000 units, hitting a record-high level in terms of Oct. sales. 

 auto salesPV MarketChina auto sales Oct. 2020, China PV sales, China automotive news

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Automakers in China sold 160,000 new energy vehicles (NEVs) last month, a significant hike of 104.5% over the prior-year period. As of October, the decrease in year-to-date NEV sales shrank to 7.1%.

Among the NEVs sold in October, 148,000 units were passenger vehicles. To be specific, the sales of BEVs skyrocketed 128.8% to 122,000 units, while PHEV sales stood at 26,000 units, which represented a 62.7% year-on-year surge.

Notably, 647 and 658 FCVs (fuel cell vehicles) were output and sold last month, down by 53.5% and 50.4% over a year earlier respectively.

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