Average daily retail sales in China's passenger vehicle market were 62,000 units in November, up 5 percent year-on-year and 3 percent from October, according to data released today by the China Passenger Car Association (CPCA).
Average daily retail sales for the first week of November were 35,000 units, up 20 percent year-on-year, essentially unchanged from the same period in 2018, and up 42 percent from the first week of October.
Average daily retail sales for the second week were 50,000 units, up 15 percent, essentially unchanged from the same week in 2018 and down 13 percent from the second week in October.
Average daily retail sales for the third week were 53,000 units, up 7 percent year-on-year, down slightly from the same week in 2018 and down 1 percent from the third week in October.
Average daily retail for the fourth week of November was 107,000 units, down 3% from November 2019 and up 3% from the fourth week of October.
November retail improved considerably over the same period, with a stronger start to the month and three weeks of higher growth, the CPCA noted.
There were no major issues with retail trends in the second week of November, and it is normal for retail sales to be lower than in October, primarily because the second week of October is the start of the post-National Day period when automakers begin concentrating on deliveries.
Due to the current stable macroeconomic environment in China, personalized choices for winter travel are driving relatively high enthusiasm for car buying, the CPCA said, adding that stronger retail sales in the current market are also leading to stable dealer sales confidence, so dealers are also shipping vehicles at a faster pace, resulting in a better monthly sales rhythm.
New energy vehicles, luxury vehicles and joint ventures are all expected to continue their earlier growth, while the end of the year is also the traditional sprint season for local brands, which, combined with the low base of sales at the end of last year, pushed the overall market to maintain a year-on-year growth rate of nearly 5%, the CPCA said.