Jinwu Financial News | Auto Dealer PuSheng, Yongda Auto (03669) rose 10.64%, MeiDong Auto (01268) rose 5.13%, Harmony Auto (03836) rose 2.82%, Zhengtong Auto (01728) rose 2.5%, and Zhongsheng Holdings (00881) rose 2.31%.
Xu Changming, senior economist at the National Information Center, said today at the 2024 Auto Finance Industry Summit that domestic passenger car wholesale sales are expected to be 23 million units this year, up 2.7% year on year, terminal sales are expected to reach about 23.5 million units, up 6-7% year on year, and the penetration rate of new energy vehicles is expected to reach 48-49% throughout the year. Xu Changming also said that the car market's performance in 2025 will largely depend on the economy and policies. “The key factors affecting the car market next year are this year's two policies, namely the scrap renewal policy and the replacement and renewal policy. If these two policies continue, the total car market volume is expected to continue to grow next year, but if the policy is withdrawn, the car market may experience relatively obvious negative growth.
According to Guoxin Securities Research and Development, various regions have implemented end-of-life renewal policies one after another, and subsidy tax cuts continue to benefit the new energy industry. As of November 12, China's annual production of new energy vehicles has exceeded 10 million vehicles, making it the first country in the world to exceed 10 million vehicles per year. According to data from the Passenger Link branch, the NEV retail penetration rate rose from 32.8% in January to 53.0% in October. The bank believes that demand for car purchases is expected to continue to rise by the end of the year.
