Jinwu Financial News | The new energy fund sector is performing well in the early trading phase. As of the time of publication, NIO (09866) is up 6.26%, leapmotor (09863) is up 3.99%, Xiaopeng Motors (09868) is up 3.1%, Geely Auto (00175) is up 2.96%, and Li Xiang Auto (02015) is up 2.57%.

According to news, Cui Dongshu, secretary-general of the Passenger Car Association, stated that in October 2024, China's auto exports reached 0.59 million units, an increase of 11% year-on-year compared to October 2023, and a decrease of 3% compared to last month. The year-on-year and month-on-month trends remained stable; from January to October, China exported 5.28 million autos, with an export growth rate of 25%. In October 2024, the export volume of new energy vehicles was 0.2 million units, with a year-on-year growth rate of 1% and a month-on-month growth rate of 10%; from January to October 2024, the cumulative export volume of new energy vehicles reached 1.72 million units, a year-on-year increase of 15%.

According to preliminary estimates by the China Automobile Circulation Association, the narrow passenger vehicle retail market scale in November is approximately 2.4 million units, an increase of 15.4% year-on-year compared to last year, and a growth of 6.1% compared to last month. Retail of new energy is expected to reach 1.28 million, with a penetration rate of about 53.3%. The association stated that the car market in November continues the relatively high prosperity seen since October, with the effects of scrapping and updating policy releasing continuously, stabilizing and boosting the market; automakers are also utilizing the singles' day sales promotions and the mid-month Guangzhou Auto Show to raise consumer interest. With multiple favorable factors at play, the heat in the car market is expected to further increase in November.