10月份中国车市运行回顾：汽车销量同环比增长，新能源维持高增速

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - In October, the overall production and sales of the automotive industry reached 2.996 million and 3.053 million units, respectively, with month-on-month growth of 7.2% and 8.7%, and year-on-year growth of 3.6% and 7% [1] - Domestic sales showed recovery while exports maintained strong growth, with domestic sales of 2.511 million units in October, a month-on-month increase of 10.6%, and exports of 542,000 units, a month-on-month increase of 0.5% and a year-on-year increase of 11.1% [1] - The sales of new energy vehicles (NEVs) continued to grow rapidly, with production and sales of 1.463 million and 1.43 million units in October, representing year-on-year growth of 48% and 49.6% [2] Summary by Sections Automotive Market Performance - In the first ten months of 2024, the automotive industry produced and sold 24.466 million and 24.624 million units, with year-on-year growth of 1.9% and 2.7% [1] - The commercial vehicle market saw a decline in year-on-year sales, with production and sales of 290,000 and 298,000 units in October, down 23.3% and 18.3% year-on-year [2] - The passenger car market remained positive due to various favorable factors, including government subsidies for vehicle replacement and the launch of new models [2] New Energy Vehicle Growth - In the first ten months of 2024, NEV sales reached 9.779 million and 9.75 million units, with year-on-year growth of 33% and 33.9% [2] - The report highlights the significant impact of the vehicle replacement subsidy policy on automotive consumption, contributing to the sustained growth in the market [2]