China’s automotive industry experienced significant growth in November, with production and sales both registering double-digit increases compared to the same period last year, according to data released by the China Association of Automobile Manufacturers (CAAM) on Wednesday.
In November, auto production reached 3.44 million units, marking an 11.1% year-on-year increase. Meanwhile, sales climbed by 11.7% to 3.32 million units. This robust performance underscores the resilience and vitality of China’s auto sector amidst global economic uncertainties.
Over the first eleven months of 2024, the auto industry maintained a steady upward trajectory. Production exceeded 27.9 million units, up 2.9% year-on-year, while sales expanded by 3.7% to reach 27.94 million units. These figures highlight China’s continued dominance as the world’s largest automobile market.
The new energy vehicle (NEV) segment, in particular, sustained its strong growth momentum in November. The data revealed that NEVs have been a significant driving force behind the industry’s expansion, catering to increasing domestic demand for environmentally friendly transportation options.
Industry experts attribute this growth to supportive government policies, technological advancements, and a recovering economy. As China continues to promote sustainable development and innovation within the automotive sector, the positive trend is expected to carry forward into the coming months.
Reference(s):
cgtn.com
