China's auto sector achieves strong growth in November

BEIJING -- China's auto production rose 11.1 percent year-on-year to 3.44 million units in November 2024, while sales climbed 11.7 percent from a year earlier to 3.32 million units, industrial data showed Wednesday.

In the first 11 months of 2024, auto production exceeded 27.9 million units, up 2.9 percent year-on-year, while sales expanded 3.7 percent to 27.94 million units, according to the China Association of Automobile Manufacturers.

The data also revealed that the country's new energy vehicle (NEV) sector had managed to sustain its sound growth momentum last month.

National NEV output surged 45.8 percent year-on-year to nearly 1.57 million units in November, and NEV sales climbed by 47.4 percent to 1.51 million units.

NEV sales accounted for 45.6 percent of total sales of new cars in November.

The automobile market continued to improve last month -- underpinned by a national auto trade-in policy, said Chen Shihua, deputy secretary-general of the association.

China's auto trade-ins for 2024 exceeded 5 million units as of Monday, under a mass renewal program initiated early this year, the Ministry of Commerce said Tuesday.

Currently, consumers trading in an old car for an NEV are entitled to a 20,000 yuan ($2,781) subsidy, while those opting for a new fuel-powered car will receive 15,000 yuan.

Auto trade-in subsidies form part of a national program unveiled in March 2024 aimed at expanding domestic demand and shoring up the economy through equipment upgrades and consumer goods trade-ins.