On November 29, news from the Financial Association reported by journalist Liu Yang, as 2024 gradually comes to an end, the push for automobile sales enters a critical stage. According to the Hefei Municipal Bureau of Commerce on November 29, in order to stimulate potential consumer spending, from November 29 to December 8, the 2024 Hefei automobile new purchase consumption vouchers will be issued, totaling 44 million yuan, with a maximum subsidy of 6,000 yuan for new energy vehicles. A total of 336 car companies have participated in the event.

On the same day, Li Auto announced a limited-time 0% interest policy until the end of the year. From now until December 31, users purchasing the Li L series and Li MEGA can enjoy a financial plan with a minimum down payment amount of 0% interest for three years.

There are also movements at the government level in Guizhou Province. On November 27, the Guizhou Provincial People's Government Office issued several policy measures to fully promote the continued recovery of the economy. Among them, the maximum subsidy standard for individual consumers who scrap or transfer their old passenger vehicles and purchase electric vehicles is increased to 19,500 yuan, while the maximum subsidy for purchasing rbob gasoline vehicles or qualifying second-hand passenger vehicles (including second-hand electric vehicles) is raised to 19,000 yuan.

"If the subsidy funds are sufficient, we expect the monthly application amount for replacing old cars (including scrapping and replacing cars) in November and December may exceed 1.4 million vehicles," the latest research report from CICC shows.

Industry insiders say that the "scrapping subsidy" and "turn-in program" not only reduce the uncertainty risk of price cuts for car companies but also enhance consumer confidence in purchasing cars, leading the car market's "price war" to gradually stabilize. "Except for a few regions, the local car 'turn-in' subsidies in multiple provinces and cities will end on December 31 this year. This urgency undoubtedly adds fuel to the end-of-year car market."

Entering November, car companies also regard the last two months as the final opportunity for the year. In addition to Li Auto's introduction of a 0% interest financing policy for its entire model range, Tesla took the lead with the "limited-time delivery deposit reduction" event on November 25, kicking off the end-of-year sales push. According to the plan, from November 25 to December 31, purchasing a Model Y and completing the pickup will enjoy a 10,000 yuan reduction on the balance due, and this can be combined with a five-year 0% interest policy. Tesla stated that with the support of the latest "limited-time delivery deposit reduction" policy, along with the five-year 0% interest financial plan and various national and local new energy "turn-in" subsidies, buying an electric vehicles can save at least 50,000 yuan.

After saying goodbye to the "Silver October", multiple brands have updated their November car purchase rights. Among them, the latest car purchase rights announced by Zhiji Motors are: from now until November 30, all models of Zhiji Motors will share a total of 1.1 billion yuan in purchase subsidies for new and old car owners; NIO's scheme is the "minimum 0 down payment for purchasing, two years of interest-free policy"; the purchase rights for Xiaomi Motors in November continue to offer leather seats worth 8,000 yuan and lifelong free smart driving enhancement features.

The China Automobile Dealers Association anticipates that as November approaches, automakers and dealers will maintain a push, with promotional efforts continuing, and the demand for vehicle purchases will keep being released. At the same time, as the autumn harvest gradually completes in various regions, the weather is turning colder in most parts of the country along with the approach of the Spring Festival, leading to an increase in consumer vehicle purchasing demand. Moreover, the "scrap replacement" and "trade-in" subsidy policies are about to end this year, and the acceleration of the dealers' sales pace along with the implementation of the november 11 shopping festival-related vehicle purchase activities will encourage consumers to visit dealerships to view and purchase vehicles.

"The consumption index in November is significantly higher than last month (October), indicating that vehicle sales in November will continue to rise, achieving the trend of 'silver September, golden October, platinum November,'" analyzed and predicted by Lang Xuehong, Deputy Secretary-General of the China Automobile Dealers Association. It is expected that the year-end tail market in December will be quite prominent, with hopes for positive year-on-year and month-on-month growth, and this trend will continue for several months.

The bocom intl research reports indicate that with various provinces and cities in the country enhancing the "trade-in" subsidy efforts, combined with the fact that the fourth quarter is traditionally a peak season for automotive sales, it is expected that the sales of electric vehicles in the fourth quarter of 2024 will likely achieve high year-on-year growth.