Expert Huge Potential in Rural and County Markets for Travel Demand, Boosting Year-end Auto Sales

Unleashing the Untapped Potential of Rural and County Markets for Increased Travel Demand, Boosting Year-end Auto Sales

【PhoneAuto News】On November 9th, PhoneAuto noticed that Cui Dongshu, the Secretary-General of the China Passenger Car Association, stated in a post that the retail sales of passenger vehicles in October 2023 reached 2.033 million units, a year-on-year growth of 10% and a month-on-month growth of 1%. The cumulative retail sales this year reached 17.27 million units, a year-on-year increase of 3%. The retail sales of the car market in October this year showed strong month-on-month growth, forming a strong trend known as the “Silver September, Golden October”, which has been a common trend in recent years. The reason for this is the growth of new energy vehicles driving the month-on-month strength.

Cui Dongshu stated that in October this year, the promotion of car sales continued to increase, with promotions for both fuel and new energy vehicles increasing month-on-month, indicating a release of car consumption demand. With the help of the “Double 11” e-commerce promotion wave, the demand for car purchases will gradually be released. As the weather turns cold and the autumn harvest is completed, the enthusiasm for car purchases in rural areas will gradually be released, and the market for new energy vehicles and mid-to-low-end fuel vehicles will gradually heat up. The scale of travel demand in county and rural markets is immense, which is the result of the promotion of common prosperity policies and will help strengthen the year-end car market gradually.

Also on November 9th, the China Passenger Car Association released the retail sales volume data for narrow-definition passenger cars in October 2023. The data shows that in October, the sales of sedans reached 935,000 units, a year-on-year increase of 1.7% and a month-on-month increase of 0.6%; the sales of MPVs reached 93,000 units, a year-on-year increase of 13.1% and a month-on-month decrease of 8.4%; and the sales of SUVs reached 1.006 million units, a year-on-year increase of 19.3% and a month-on-month increase of 1.8%. Among them, the top ten car companies in terms of new energy sales volume are BYD, Geely, SAIC-GM-Wuling, Changan, GAC Aion, Li Auto, Great Wall, Tesla China, Xiaopeng, and Leapmotor.

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