China’s October passenger car sales expected to increase 6% YoY

Daily retail sales of China’s main passenger vehicle manufactures were 24,760 units during China’s National Holiday this year which spanned from Oct.1 to Oct.8, up by 1% year on year and down 26% month on month, according to the China Passenger Car Association.

From Oct.9 to Oct.11, daily sales volume averaged 63,535 units, up 34% year on year and up 50% month on month. In the next seven days, the daily volume increased 18% from a year ago to 53,138 units. During Oct.19 to Oct.25, the daily volume was 53,412 units, up 19% year on year and down 7% month on month.

As a result, the daily result of the first 25 days in October was 45,381 units, flat with the same period of the previous month but increasing 17% compared with the same period of last year.

Earlier this month, the association said the monthly retail sales of passenger vehicles, including locally-produced cars, SUVs and MPVs, may total 1.955 million units, representing a year-on-year increase of 6%. Minus the sales of the first 25 days, the daily sales of the last 6 days should be about 137,000 vehicles to accomplish the expected sales volume, higher than those of the same period of 2019 and 2020. And the association maintained its expectation for October sales.

In September, the strong momentum of end consumption helped to lower stock level. From October on, manufactures usually starts preparing for the year-end shopping season, which may boost the increase of production and sales. What’s more, company’s continuous promotional efforts and new product wave are expected to stimulate market demand.