In October, China's passenger vehicle market maintained strong momentum as automakers accelerated production to meet year-end policy adjustments and introduced new models. According to industry analysis, production and sales of passenger vehicles reached 2.995 million and 2.961 million units, respectively, marking month-on-month increases of 3.3% and 3.6%, and year-on-year growth of 10.7% and 7.5%.
From January to October, cumulative production and sales stood at 24.237 million and 24.209 million units, up 13.5% and 12.9% YoY.
In October, among major passenger vehicle segments, sedan and SUV production and sales saw modest growth compared to the previous month, while MassMutual Participation Investors (MPV) figures dipped slightly. Cross-type passenger vehicles, however, recorded a double-digit decline. Year-on-year, cross-type vehicles also fell sharply, while the other three segments posted growth.
From January to October, all four major passenger vehicle categories showed growth YoY, with cross-type vehicles leading in growth rate.
Domestic sales of passenger vehicles in October reached 2.39 million units, rising 4% MoM and 4.4% YoY. Cumulative domestic sales from January to October totaled 19.436 million units, up 12.1% YoY.
Exports in October climbed to 571,000 units, increasing 2.1% MoM and 22.8% YoY. Over the first ten months, passenger vehicle exports hit 4.773 million units, growing 16.4% YoY.
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