China November vehicle sales grow by 16.6% to 2.94m units

SINGAPORE (ICIS)–China’s vehicles sales rose by 16.6% year on year to 2.94m units in November, official industry data showed on Monday.

On a month-on-month basis, the country’s vehicle sales rose by 10.9%, according to China Association of Automobile Manufacturers (CAAM).

Its vehicles production in November stood at 3.01m units, up by 17.75% year on year and 16.40% higher than, it said.

China’s passenger car sales in November increased by 17.24% year on year and 10.50% month on month to 2.59m units.

In January-November, the country’s total vehicles sales rose by 14.1% to 24.95m units. Total sales of passenger cars in the first 11 months expanded by 15.6% to 21.7m units, the data showed.

The automotive industry is a major global consumer of petrochemicals which contributes more than a third of the raw material costs of an average vehicle. ICIS tracks the movement of petrochemical raw material costs in auto production both globally and regionally with the weighted ICIS Basket of Automotive Petrochemicals (IBAP).

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