China’s new vehicle market continued to decline in November 2021, by 9% to 2,522,000 units from 2,770,000 in the same month of last year, according to passenger car and commercial vehicle wholesale data released by the China Association of Automobile Manufacturers (CAAM).
November was the seventh consecutive month of decline for the market, after a strong rebound earlier in the year, with passenger vehicle sales falling by 4.7% year on year to 2,192,000 units while commercial vehicle sales plunged by over 30% to 330,000 units.
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Sales last month continued to be affected by shortages of semiconductors with overall vehicle production declining 9.3% to 2,585,000 units, as major foreign automakers including Volkswagen, GM and local manufacturers such as Geely and Great Wall reported sharply lower volume.
Economic growth has slowed significantly in recent months due to weakening consumer confidence, reflecting major solvency issues in the country’s property sector, while supply chain bottlenecks and power shortages had also held back factory output.
Annual GDP growth slowed to 4.9% in the third quarter after rebounding by over 18% in the first quarter and 7.9% in the second quarter.
Total new vehicle sales in the first 11 months of the year were still up by 4.5% at 23,489,000 units from 22,470,000 units a year earlier, with passenger vehicle sales rising by over 7% to 19,060,000 units while commercial vehicle sales were down by over 5% at 4,429,000 units.
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By GlobalDataSales of new energy vehicles (NEVs), comprising mainly electric and hybrid-powered vehicles, surged by 121% to 450,000 units in November and were up by 167% at 2,990,000 units year to date – including 2,466,000 battery-powered vehicles.
The government is expected to ease monetary policy and introduce a stimulus package to help drive up economic growth next year.
Manufacturer performance
SAIC Motor global sales fell 6.6% to 601,360 units in November, with SAIC-GM sales dropping by over 17% to 137,026 units and SAIC-Volkswagen sales down by over 16% at 135,001 units, while SAIC-GM-Wuling sales fell just slightly to 193,000 units.
The group’s cumulative YTD sales were 1% lower at 4,802,540 units with SAIC-GM-Wuling sales up by 6.3% at 1,444,441 units while SAIC-GM sales fell by over 8% to 1,170,939 units and SAIC-Volkswagen sales were down by 18% at 1,105,439 units.
Geely Auto said its global sales, including Lynk & Co brand vehicles, fell by 10% to 135,869 units in November with overseas sales down by 11% at 13,065 units. YTD global sales were just marginally higher at 1,173,644 units.
Great Wall Motor said global sales fell by almost 16% to 122,510 vehicles in November but were still up by over 16% at 1.22m YTD including 127,026 sold overseas which more than doubled.
BYD Auto reported an 84% surge in passenger vehicle sales to 97,242 units in November, driven by a 253% jump in new energy vehicle sales to 90,121 units. Cumulative sales amounted to 500,922 year to date.
