XPEV - China's Auto sales saw double-digit growth in November led by EV sales

As the market recovers, China’s sales of SUVs, minivans and sedans rose by double digits in November but were below pre-pandemic levels for the year. Sales rose 11.6%Y/Y to 2.3M, according to the China Association of Automobile Manufacturers.Total vehicle sales, including trucks and buses, rose 12.6% to 2.8M, holding steady at October’s growth rate.Retail sales of cars, SUVs and multiple-purpose vehicles gained 7.8% Y/Y to 2.11M and wholesales of new energy vehicles, including electric cars, more than doubled to 169,000 units for the month.Rising sales of electric cars from Tesla (TSLA) , BYD Co (GYDDF) and Nio Inc. (NIO) are aiding to fuel the rebound. Tesla sold 21,604 vehicles in China during the month. YTD passenger vehicle sales were down 7.6% Y/Y at 17.8M and sales of commercial vehicles rose 20.6% to 4.7M. Next year, passenger-vehicle sales may rise as much as 15%, according to the State Information Center and passenger-vehicle sales

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China's Auto sales saw double-digit growth in November led by EV sales