In November, the number of new car companies is expected to exceed one million in sales of new energy vehicles next year.
In a recent report released by the China Association of Automobile Manufacturers on December 11, it was revealed that in November, domestic production and sales of new energy vehicles surpassed 100,000 units, marking a new monthly record. Specifically, new energy passenger vehicles accounted for 83,000 units in sales. Assistant Secretary-General Xu Haidong from the China Automobile Association shared with the China Securities Journal that the industry expects to meet the annual target of selling 700,000 new energy vehicles, with projections indicating that sales could exceed one million units in 2018.
The overall automobile market also showed growth, with both production and sales increasing compared to the previous month. In November, total automobile production reached 3.08 million units, while sales hit 2.985 million. These figures represented a year-on-year increase of 18.7% and 9.7%, respectively. From January to November, the cumulative production and sales stood at 25.919 million and 25.845 million units, showing a growth of 3.9% and 3.6% year-on-year.
New energy vehicles, however, stood out as a major driver of growth. In November, production and sales of new energy vehicles reached 122,000 and 119,000 units, up 70.1% and 83% year-on-year, respectively. Pure electric vehicle sales hit 102,000 units, an 74.8% increase, while plug-in hybrid vehicles saw production and sales of 17,000 each, rising by 154%. New energy passenger car sales reached a record high of 83,000 units, up 80.4% from the same period last year, and commercial new energy vehicle sales rose by 89.5%.
From January to November, new energy vehicle production and sales totaled 639,000 and 609,000 units, reflecting increases of 49.7% and 51.4% year-on-year. Pure electric vehicles accounted for 533,000 and 504,000 units, rising by 56.6% and 59.4%, while plug-in hybrids saw 107,000 and 105,000 units, up 22.5% and 21.8%.
Xu Haidong noted that with the current growth trajectory, the annual target of 700,000 new energy vehicles is likely to be met. He also predicted that sales would continue to grow by 40% to 50% in 2018, with sales expected to surpass one million units in the following year.
Looking at Chinese automakers, SAIC, Changan, Dongfeng, Geely, and BAIC were among the top ten companies in terms of sales from January to November, with all exceeding one million units. Several brands, such as Geely, GAC, and CNHTC, saw sales growth above 30% year-on-year. Geely's sales reached 1.093 million units in the first 11 months, a 66% increase, nearing its annual target of 1.1 million. Guangzhou Automobile Group sold 465,000 passenger vehicles, up 38.4% year-on-year, with expectations to exceed 500,000 this year.
Changan and Jianghuai Automobile also showed strong performance in new energy vehicle sales. Changan’s cumulative new energy vehicle sales reached 49,000 units, up 165% year-on-year. Jianghuai saw a sharp rise in pure electric vehicle sales, with 5,660 units sold in November, up 363.6% year-on-year.
Xu Haidong added that due to the “dual-integration†policy and subsidy withdrawal factors, major manufacturers are accelerating their new energy vehicle R&D. It is expected that production and sales will see significant growth in the remainder of the year.
Citic Securities highlighted that despite a slowdown in overall auto market growth, they remain optimistic about long-term investment opportunities in the shift toward electrification and intelligence, particularly in parts and components companies.
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