China's auto industry hits record highs

China's automobile industry saw record highs last month with production rising by 21.2 per cent while sales going up 14.1 per cent, according to latest official data released today.
Auto sales rose 14.1 per cent in November year on year to over two million units, while production rose 21.2 per cent from a year earlier to 2.13 million units, the China Association of Automobile Manufacturers (CAAM) said in a statement.
Both figures were all-time highs for the industry, showing momentum for continued strong growth, CAAM said.
In the first 11 months of 2013, auto sales in China rose 13.5 per cent year on year to 20 million units, while total output increased 14.3 per cent to 20 million units.

The combined sales and output from January to November have both topped the total units for the full year of 2012, the statement said.
The strong growth last month was mainly driven by passenger vehicles. The sales and production of passenger cars in November climbed 14.1 per cent and 21.2 per cent year on year, CAAM said.

In the first 11 months, passenger car output and sales growth both topped 15 per cent, it said.
"The auto industry got back on track of double-digit growth and entered a stage of steady growth, after transformation of the sector over the past two years," said Dong Yang, executive vice president of the CAAM, forecasting that the industry would grow between 8 and 10 per cent in the following five to 10 years.

Almost 6.5 million Chinese passenger cars were sold in the first 11 months, representing 40 per cent to total passenger car sales in China, down 1.3 per cent.
Auto exports in the first 11 months dropped 7.35 per cent from a year earlier, narrowing from a drop of 7.5 per cent in the first 10 months, the statement said.