China’s Car Sales Surge in November, EVs Lead the Charge

China’s car sales surged 16.6% in November compared to the same period last year, marking the fastest growth since January. This increase, which saw a total of 2.45 million vehicles sold, is driven by a rise in government-subsidized auto trade-ins as the year draws to a close. For the first 11 months of 2024, total car sales have increased by 4.4% year-on-year, reflecting a steady recovery in the market.

Electric Vehicles Dominate

Electric vehicles (EVs), plug-in hybrids, and extended-range vehicles saw a remarkable 50.5% increase in sales, now accounting for 51.8% of total car sales in the country. This marks the fifth consecutive month that battery-powered cars, including plug-ins, have outsold traditional gasoline-powered vehicles in China, the world’s largest car market.