Jingu News | Car dealers Pu Sheng, Yongda Auto (03669) up 10.64%, Meidong Auto (01268) up 5.13%, Harmony Auto (03836) up 2.82%, Zhengtong Auto (01728) up 2.5%, Zhongsheng Holdings (00881) up 2.31%.

Senior Economist Xu Changming from the National Information Center stated today at the 2024 Automotive Finance Industry Summit that this year's domestic passenger vehicle wholesale sales volume is expected to be 23 million vehicles, a year-on-year increase of 2.7%. Terminal sales are expected to reach around 23.5 million vehicles, a year-on-year growth of 6-7%, and the annual penetration rate of new energy vehicles is expected to reach 48-49%. Xu Changming also mentioned that the performance of the auto market in 2025 will largely depend on the economy and policies. Key factors affecting next year's auto market include this year's two policies, namely the scrap and replacement policies. If these policies continue, the total volume of the auto market is expected to continue growing next year. However, if the policies are withdrawn, the auto market may experience a significant negative growth.

Guosen Securities pointed out in their research that various local scrap and replacement policies have been gradually implemented, and subsidies and tax reductions continue to benefit the new energy industry. As of November 12th, China's annual production of new energy vehicles has exceeded 10 million vehicles, making it the first country in the world to have an annual production of over 10 million new energy vehicles. Data from the China Passenger Car Association shows that the retail penetration rate of new energy vehicles has increased from 32.8% in January to 53.0% in October. The firm believes that the year-end demand for car purchases is expected to continue to rise.