China Autos: October PV Sales Up 9-14% MoM And Down 5-14% YoY, In Line
According to China Passenger Car Association (CPCA), in Oct 21 retail sales volume of passenger vehicles (PVs) in China grew 8.6% mom to 1.717m units, still 13.9% below that in the same period last year; while wholesale volume of PVs grew 13.9% mom and dropped 4.8% yoy to 1.978m units. In 10M21, retail sales volume and wholesale volume of PVs respectively grew 8.7% yoy and 9.1% yoy to 16.227m units and 16.581m units. Segment-wise, the Chinese brands continued to outperform the overall industry, growing 11% mom and 4% yoy in retail sales volume to 770,000 units, representing 45.6% market share (+8ppt yoy). The non-luxury JV brands saw 12% mom growth and 24% yoy drop in retail sales volume to 770,000 units. The luxury brands’ retail sales volume tumbled 11% mom and 27% yoy to 180,000 units. Dongfeng Motor (DFM), Geely, Great Wall Motor (GWM) and Guangzhou Auto (GAC) respectively registered 3%/7%/12%/17% growth and -21%/-20%/-17%/-8% drop in wholesale volume in Oct 21.
The passenger electric vehicle (EV) segment continued to outperform the overall PV industry in Oct 21, growing 141% yoy and 148% yoy in retail sales volume and wholesale volume to 321,000 units and 368,000 units respectively, representing 18.7% and 18.6% of total PV retail sales volume and wholesale volume in China. On a mom basis, passenger EV retail sales volume dipped 3.9% or 18,000 units mom in Oct 21, probably because Tesla China allotted more of its production capacity to export, cutting its domestic sales volume by >38,000 units. In 10M21, retail sales volume and wholesale volume of passenger EVs in China respectively surged 192% yoy and 204% yoy to 2.139m units and 2.381m units, representing 13.2% and 14.4% of total PV retail sales volume and wholesale volume in the country. BYD remained the largest passenger EV maker in China, growing 263% yoy and 14% mom in wholesale volume to >80,000 units in Oct 21 (22% market share/+7ppt yoy/+2ppt mom). That was followed by the number two player Tesla, which posted 348% yoy growth in wholesale volume to 54,391 units in Oct 21 (including 13,725 units of domestic sales and 40,666 units of exports). Other OEMs (eg SGM Wuling, SAIC, GWM, GAC Aion, Xpeng, Li Auto, etc.) also saw buoyant EV sales growth (please see the table below).
China’s PV Sales Volume (Sedans, SUVs And MPVs)
Source: CPCA
Auto Sales Volume By OEM
