According to the Ministry of Commerce, as of November 6, there were more than 1.
7 million applications for automobile scrapping and replacement subsidies nationwide, and the average number of daily subsidy applications remained high, and the number is expected to continue to increase significantly in the future.
On Oct.
24, the figure was more than 1.
57 million, equivalent to an increase of about 130000 in just two weeks, or almost an average of 10, 000 a day.
It is obvious that in August, the subsidy standard will be increased from 10, 000 yuan for the purchase of new energy passenger vehicles and 7000 yuan for the purchase of fuel passenger cars with engines of 2 liters or less to 20, 000 yuan and 15000 yuan respectively, the “plus size” automobile scrapping and renewal policy has had a huge pull on China’s automobile consumption.
It is precisely under the joint action of many favorable factors, such as the automobile scrapping and renewal policy, the National Day Golden week, and the arrival of the annual sales season at the end of the year, China’s automobile market is booming in the past October.
Production, retail, wholesale and exports all set new highs for that month, of which exports also set a new record.
According to the latest data released by the Federation of passengers on November 8, retail sales of domestic narrow passenger cars in October were 2.
261 million, slightly higher than 2.
249 million in the same period in 2017.
Correspondingly, the retail market grew 11.
3 per cent year-on-year in October, a figure that has finally reached double digits since January this year, with a month-on-month growth rate of 7.
2 per cent, showing an obvious “silver nine gold ten” trend.
Thanks to the strong trend in October, the cumulative retail sales of narrow passenger cars in China reached 17.
835 million units in the first 10 months of this year, an increase of 3.
2% over the same period last year.
Based on recent performance projections and considering that it takes time to register, the total retail sales in the next two months will reach at least 4.
5 million vehicles.
This means that driven by the car scrapping and renewal policy, there is a high probability that the sales of new narrow passenger cars will reach more than 22.
3 million in 2024, not only returning to more than 22 million after a few years, but perhaps even slightly higher than 22.
379 million in 2018.
The independent share reached a new high of 65.
7% in October, and such a strong trend in the retail market in October still depends on independent head car companies such as BYD, Chery, Geely and Changan.
As a result, the share of the independent camp reached a new high of 65.
7% that month, an increase of 10.
1 percentage points from the same period last year, and this year’s cumulative share crossed the 60% threshold for the first time, an increase of 8.
4 percentage points over the same period last year.
At the same time, with the excellent overseas performance of independent car companies such as BYD, Chery, SAIC-GM Wuling, Changan, Geely, Great Wall and Xiaopeng Motor, the share of independent brands in the wholesale market climbed to 69.
9% in October, an increase of 10 percentage points year-on-year.
This is equivalent to nearly 70 per cent of wholesale sales of 2.
732 million vehicles in October from independent brands, which is almost equal to the all-time high of 2.
737 million reached in December.
Behind this achievement, in addition to domestic dealers actively continue to increase inventory for the arrival of the peak sales season at the end of the year, export sales continue to rise is also an important reason.
According to the statistics of the Federation of passengers, the export volume of passenger vehicles (including complete vehicles and CKD) rose 13% year-on-year to 441000 in October, of which exports from own brands also hit a record of 371000.
It also brought the total number of passenger car exports in the first 10 months to 3.
991 million, up 30 per cent from a year earlier.
The excellent performance of independent brands especially head car companies can be confirmed by the top 10 retail and wholesale sales of car companies in October.
For example, in the retail list, independent camp BYD, Geely and Chery once again won the top three seats, while FAW-Volkswagen, as the leader of the joint venture, was only fourth in the retail list.
and it was squeezed to fifth in the wholesale list because it was defeated by Changan Automobile.
In terms of quantity, whether retail or wholesale, the number of independent car companies has exceeded half, especially wholesale has reached 7.
Specifically, with the continued strength of sales of Song, Seagull, Qin L, Seal 06, Qin Heyuan and other models, BYD’s domestic sales crossed the threshold of 400000 vehicles for the first time in October, and its retail market share alone reached 19.1%. This is equivalent to nearly 1/5 of domestic consumers buying its models in October.
With exports BYD reached more than 500000 vehicles for the first time in October which is an unprecedented achievement in the history of independent car companies and even the entire Chinese automobile industry.
It also makes people wonder what kind of answer BYD will hand over in November and December, and wholesale sales will continue to rise to 550000, or 600000.
Geely and Chery, which are closely followed by BYD, occupy the second and third place respectively in retail and wholesale.
It is worth mentioning that despite the impression that Chery is more focused on overseas and low visibility at home, the situation has been improving since the beginning of this year.
Through a simple calculation of the retail and wholesale data of the Federation of passengers, Chery’s retail sales began to account for more than 50% of the wholesale sales since July this year, even with the existence of factors such as warehouse pressure, considering the rapid growth of Chery’s sales.
This can also reflect the momentum of a significant increase in its domestic sales to a certain extent.
The wholesale penetration rate of new energy has exceeded half for the first time, and from the perspective of market segments, driven by the car scrapping and renewal policy, the terminal transaction situation of traditional fuel vehicles has improved, with retail sales of 1.
066 million vehicles in October, narrowing to less than 20% year-on-year decline of 16.1%. As a result of higher subsidies, the momentum of new energy vehicles is stronger.
According to the data, domestic new energy retail sales rose 56.
7% to 1.
196 million vehicles in October compared with the same period last year, of which pure electricity increased by 36.
7% to 673000 vehicles, mixed with 107.
5% to 405000 vehicles, and increased by 55.
2% to 117000 vehicles.
It is worth noting that the growth rates of the first three are much higher than the corresponding cumulative sales growth in the first 10 months of this year.
For example, pure electricity sales grew by only 19.
9% in the first October, compared with more than 36% in October, compared with 107.
7% and 74.
7%, respectively.
On the contrary, the growth rate of the add-on program was “upside down”, with 55.
2% in October less than 99.
2% in the previous October.
The reason for this difference should be that the prices of entry-level pure electricity and plug-in models are relatively affordable and the superimposed subsidy is more cost-effective, which will prompt many consumers who participate in the scrapping and renewal policy to buy entry-level models.
Driven by the scrapping and renewal policy, the domestic retail penetration rate of new energy continued to stabilize at a high of 52.
9% in October, an increase of 15 percentage points over the same period last year.
More than 50% in four months.
, It should be noted that, as mentioned above, the decline in traditional fuel vehicles has improved compared with the previous one.
Therefore, after reaching a record high of 53.
9% in August, the retail penetration rate of new energy has shown signs of falling slightly in the past two months, of which it was 53.
3% in September.
However, there was another good news in the new energy market in October, that is, the wholesale new energy penetration rate exceeded 50% for the first time, reaching 50.1%. The increase in new energy exports is an important reason for this performance.
, , Data shows that although affected by policies in some countries, as recognition increased, new energy exports continued to increase by 10.
4% year-on-year to 120,000 units in October, accounting for 27% of passenger car exports.
Judging from the three traditional market segments divided by body forms, consumers both domestic and overseas still prefer SUV models, but retail and wholesale sales of cars and SUVs both experienced varying degrees of growth in October.
Especially in China, cars increased by 9.
6% year-on-year in October, making the total number in the first 10 months slightly higher than 8.
212 million units in the same period last year, making the cumulative year-on-year shift in this market segment turn from negative to positive to 0.1%. As for MPV, although its domestic retail sales returned to the growth track in October, the cumulative year-on-year decline in the first 10 months was 6.
3%, due to the growth rate of only 3.
3%, and the wholesale level continued to decline.
, All in all, the domestic retail penetration rate of new energy this year has increased from 32.
8% at the beginning of the year to 52.
9% in October, equivalent to an increase of 20 percentage points, indicating that my country’s new energy wave is gaining momentum and it is gradually replacing traditional fuel vehicles dominate the passenger car market.
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