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An electric car is charging in Dongguan, Guangdong Province, China, November 14, 2022. /CFP
China's passenger vehicle market shrank in November with a drop in retail sales, industrial data showed on Thursday.
Nearly 1.65 million passenger cars were sold via retail channels in November, down 9.2 percent year on year, according to the China Passenger Car Association (CPCA).
From January to November, 18.37 million passenger cars were sold, up 1.8 percent year on year. Passenger car exports reached 2.1 million units, up 56 percent from a year earlier.
Besides, the retail sales of China's new energy vehicles (NEVs) continued to surge in November, CPCA data showed.
Retail sales of NEVs came in at about 598,000 units, up 58.2 percent year on year.
The monthly figure is 7.8 percent higher than the previous month. In October, retail sales of NEVs hit about 556,000 units, up 75.2 percent year on year.
From January to November, 5.03 million units of new energy passenger cars were sold via retail channels in the country, slightly doubling from a year ago.
A car-purchase tax-cut policy has contributed greatly to vehicle sales since its launch in June, the association said.
The policy slashed the purchase tax in half for passenger cars under 300,000 yuan (about $43,103) with engine displacement below 2 liters purchased between June 1 and December 31 this year.
The tax, which is usually 10 percent of a vehicle's sticker price, has now been cut to 5 percent.
(Source: Xinhua with edits)
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Disinformation report hotline: 010-85061466