China's automotive industry sees significant expansion in November
China's auto production increased by 11.1 percent year-on-year in November, reaching 3.44 million units, and sales grew by 11.7 percent compared to the previous year, totaling 3.32 million units, according to industrial data released on Wednesday.
TroibNews 
China's auto production for November increased by 11.1 percent year on year, reaching 3.44 million units. Sales also saw a rise of 11.7 percent compared to the previous year, totaling 3.32 million units, according to industrial data released on Wednesday.
Throughout the first 11 months of 2024, production exceeded 27.9 million units, reflecting a year-on-year growth of 2.9 percent, while sales increased by 3.7 percent to 27.94 million units, as reported by the China Association of Automobile Manufacturers.
The statistics highlighted the continued robust growth of the country's new energy vehicle (NEV) sector last month. National NEV output experienced a significant surge of 45.8 percent year on year, nearing 1.57 million units in November, and NEV sales jumped by 47.4 percent to 1.51 million units.
Notably, NEV sales represented 45.6 percent of the overall new car sales in November.
The automobile market showed signs of further improvement last month, supported by a national auto trade-in policy, according to Chen Shihua, deputy secretary-general of the association.
As of Monday, China's auto trade-ins for 2024 surpassed 5 million units, facilitated by a mass renewal program that began earlier this year, as stated by the Ministry of Commerce on Tuesday.
Consumers who trade in an old car for an NEV can receive a subsidy of 20,000 yuan, while those choosing a new fuel-powered vehicle are entitled to a 15,000 yuan subsidy.
These trade-in incentives are part of China's national program launched in March 2024, which aims to stimulate domestic demand and bolster the economy through equipment upgrades and the exchange of consumer goods.
Jessica Kline for TROIB News
Throughout the first 11 months of 2024, production exceeded 27.9 million units, reflecting a year-on-year growth of 2.9 percent, while sales increased by 3.7 percent to 27.94 million units, as reported by the China Association of Automobile Manufacturers.
The statistics highlighted the continued robust growth of the country's new energy vehicle (NEV) sector last month. National NEV output experienced a significant surge of 45.8 percent year on year, nearing 1.57 million units in November, and NEV sales jumped by 47.4 percent to 1.51 million units.
Notably, NEV sales represented 45.6 percent of the overall new car sales in November.
The automobile market showed signs of further improvement last month, supported by a national auto trade-in policy, according to Chen Shihua, deputy secretary-general of the association.
As of Monday, China's auto trade-ins for 2024 surpassed 5 million units, facilitated by a mass renewal program that began earlier this year, as stated by the Ministry of Commerce on Tuesday.
Consumers who trade in an old car for an NEV can receive a subsidy of 20,000 yuan, while those choosing a new fuel-powered vehicle are entitled to a 15,000 yuan subsidy.
These trade-in incentives are part of China's national program launched in March 2024, which aims to stimulate domestic demand and bolster the economy through equipment upgrades and the exchange of consumer goods.
Jessica Kline for TROIB News
