Driven by new energy vehicle sales and promotional activities, China's passenger car sales continued to grow in October.
The China Passenger Car Association stated on Wednesday that retail sales of passenger cars in China reached 2.03 million units in October, a year-on-year increase of 10% and a month on month increase of 0.7%. China is the world's largest automotive market.
In October, exports increased by 49% year-on-year, with a year-to-date growth rate of 66%.
Retail sales of new energy vehicles (including electric vehicles and plug-in hybrid vehicles) increased by 27.5% year-on-year in October.
The data also shows that Tesla's Shanghai factory delivered 72115 cars in October.
The China Association of Automobile Manufacturers stated that sales are expected to rise again in November, especially due to the low base compared to the same period last year.
The association stated that as the market sentiment in the real estate industry has cooled over the past two years, consumers may turn to purchasing passenger cars and expect retail sales to increase by 20% in November.