In November, the number of new car companies is expected to exceed one million in sales of new energy vehicles next year.
In November, the Chinese new energy vehicle (NEV) market hit a significant milestone, with both production and sales surpassing 100,000 units for the first time. According to data released by the China Association of Automobile Manufacturers on December 11, the monthly sales of NEVs reached a record high, with 83,000 new energy passenger vehicles sold in the month alone. Assistant Secretary-General Xu Haidong from the China Automobile Association told the China Securities Journal that the industry is on track to meet its annual target of 700,000 NEV sales this year, with expectations that 2018 could see sales exceed 1 million units.
The broader automotive market also showed positive growth in November, with automobile production reaching 3.08 million units and sales hitting 2.985 million. Compared to the same period last year, production grew by 18.7%, while sales increased by 9.7%. Year-to-date, from January to November, total production and sales reached 25.919 million and 25.845 million units respectively, reflecting a modest increase of 3.9% and 3.6%.
However, the standout performer remained the new energy vehicle sector. In November, NEV production and sales were 122,000 and 119,000 units respectively, up 70.1% and 83% year-on-year. Pure electric vehicles accounted for 102,000 sales, a jump of 74.8%, while plug-in hybrid vehicles saw even stronger growth, with both production and sales reaching 17,000 units, up 154% compared to the previous year.
Looking at the full year so far, from January to November, NEV production and sales totaled 639,000 and 609,000 units, up 49.7% and 51.4% year-on-year. Pure electric vehicles led the way with 533,000 and 504,000 units produced and sold, growing by 56.6% and 59.4% respectively, while plug-in hybrids saw more moderate growth at 22.5% and 21.8%.
Xu Haidong emphasized that the strong performance of NEVs is driven by supportive policies such as the “dual-integration†initiative, which encourages the development of electric and intelligent vehicles. He also noted that manufacturers are accelerating their transition toward new energy models due to the expected reduction in subsidies in the future.
Meanwhile, domestic automakers like Geely, Guangzhou Automobile Group, and China National Heavy Duty Truck saw impressive sales growth. Geely, for example, sold 1.093 million units in the first 11 months of the year, up 66% year-on-year, nearly meeting its annual target. Guangzhou Automobile Group reported a 38.4% increase in passenger vehicle sales, with expectations of exceeding 500,000 units for the year. China Heavy Duty Truck saw a massive 75.9% surge in heavy truck sales in November.
New energy brands such as Jianghuai and Changan also made progress. Changan’s cumulative NEV sales reached 49,000 units in the first 11 months, up 165% year-on-year, while Jianghuai saw a 363.6% increase in pure electric passenger car sales in November, with cumulative sales of 26,400 units for the year, up 66.35%.
Analysts from CITIC Securities believe that despite a slowdown in overall auto market growth, the long-term shift toward electrification and smart technology presents promising investment opportunities, especially in parts and components companies. With continued government support and consumer demand, the NEV sector is poised for further expansion in the coming months.
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