China’s auto sales declined 9.4 percent in October

by SpeedLux
china cars

China’s auto sales declined 9.4 percent year on year to 2.33 million units in October, according to data from the China Association of Automobile Manufacturers (CAAM) shared on Wednesday.

The decline, however, narrowed 10.2 percentage points from September, and the monthly sales increased 12.8 percent from September, the data noted.

The sales of new energy vehicles (NEVs) increased significantly in October.

NEV sales increased 134.9 percent year on year in October to about 383,000 units or up 7.2 percent from September.

The market penetration rate of NEVs in China was at 12.1 percent in the first 10 months.

The increasing popularity of NEV is occurring along China’s aim to raise the proportion of new NEVs in its sales of new vehicles to 20 percent by 2025.

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