In November, the sales of light-duty vehicles in China decreased by 8% year-on-year to 35,600 units.

On December 25th, the latest information from the First Commercial Vehicle Network shows that according to the data from the China Association of Automobile Manufacturers (calculated by enterprise invoicing, not terminal actual sales, the same below), in November 2024, China's bus market (including chassis) sold 46,000 units, an increase of 7% from the previous month, a decrease of 3% compared to the same period last year, and the year-on-year growth rate once again turned negative (with a 1% increase in the bus market in October). Among them, the light bus market sold 35,600 units, an increase of 10% from the previous month, a decrease of 8% compared to the same period last year, with the year-on-year decline narrowing from the previous month (a 9% decline in the light bus market in October), experiencing a "6 consecutive declines". In November, the sales of 35,600 light buses accounted for 77.53% of the entire bus market, an increase from the previous month (75.20%). From January to November this year, the share of light buses in the entire bus market is close to 80% (78.69%). Looking at the trend of light bus sales and growth rates in November over the past five years, it can be seen that in the past five years, the trend of the light bus market in November has been an increase-decrease-decrease-increase-decrease pattern. In the last five years, the sales of light bus market in November have not been high, with the highest not exceeding 40,000 units, and the highest sales volume in November in the last five years was in November 2023 with 38,700 units. This November, sales were 35,600 units, ranking third in the last five years, selling over 3,000 units less than the highest sales month of November 2023. From January to May this year, the sales of light buses were the second highest in the past five years, the highest, the second highest, the second highest, and the second highest, with June and July being the third highest, returning to the second highest in August. In September, it dropped to the second lowest in five years, and in October and November, it returned to a normal level of the third highest in five years. In terms of cumulative sales, in January-November of this year, the cumulative sales of the light bus market reached 362,300 units, an increase of 1% from the same period last year, ranking second in the past five years, but due to the "6 consecutive declines" from June to November, the cumulative sales growth rate has narrowed by 15 percentage points after November, compared to after May (as shown in the graph). Jiangling maintained its lead in monthly sales for the 9th consecutive month, with Golden Dragon/Yutong doubling their sales In November 2024, the overall year-on-year decrease in the light bus market was 8%. As in previous months, the light bus market in November continued to show a mix of joy and worry. The sales table of the light bus market in November 2024 (unit: vehicles) can be seen from the table that compared with November 2023, 3 of the top ten light bus sales companies increased while 7 decreased, with fewer companies achieving growth compared to the previous month. Jiangling, Golden Dragon, and Yutong saw their sales in November increase by 14%, 140%, and 254% year-on-year respectively. Jiangling has achieved a "9 consecutive increase" streak, while Golden Dragon and Yutong have achieved "4 consecutive increase" and "2 consecutive increase" streaks respectively. At the same time, of the 7 companies that experienced a decline, 5 saw double-digit declines, with 2 companies experiencing declines of over 30%, and the company with the most severe decline saw a 39% year-over-year decrease in sales in November. In terms of market share, the top ten companies accounted for 95.37% of the market share in November, with the top five companies accounting for over 80%, reaching 80.08%. In November, 4 companies in the light bus market had monthly shares of over 10%, with Jiangling Motors Corporation and Changan Motors having monthly shares of over 20%, at 25.75% and 20.86% respectively; SAIC Maxus and Beiqi Foton Motor seized 15.57% and 11.00% of the light bus market in November; JAC, ranking fifth, also sold over 2,000 units in November, with a monthly share of 6.90%; Nanjing Iveco and Xiamen Golden Dragon, ranking sixth and seventh on the monthly list, also sold over 1,000 units in November, with market shares of 4.49% and 3.02%, respectively, with other companies selling fewer than 1,000 units and market shares of less than 3%. Compared to the previous month, the top ten members of the light bus market list in November remained unchanged, but there were some changes in ranking: Jiangling, Changan, Maxus, Foton, JAC, and Nanjing Iveco maintained their positions in the top six of the monthly list, with Xiamen Golden Dragon rising to seventh place, Yutong rising by two to eighth place, and Xiamen Golden Dragon and Dongfeng falling in rankings. Cumulative sales increased by 1% in January-November, with JAC/Golden Dragon/Yutong leading the way From January to November 2024, the cumulative sales of the light bus market reached 362,300 units, an increase of 1% from the same period last year. The growth rate of cumulative sales narrowed by 2 percentage points after October (+3%), selling over 5,000 units more than the same period last year (this number reached 23,500 units after May). Specifically looking at the cumulative sales of the top ten companies (also the top ten in November), Changan, Jiangling, JAC, Dongfeng, Xiamen Golden Dragon, and Yutong, among others, are in the rising range, with the cumulative sales growth of companies achieving growth higher than the overall 1% increase in the light bus market, surpassing the market average. JAC, Xiamen Golden Dragon, and Yutong saw increases of over 20%, with cumulative sales in January-November increasing by 29%, 47%, and 26% respectively; at the same time, several companies saw double-digit declines in sales from January to November, with the company with the most severe decline seeing a 25% decrease. In terms of cumulative market share, four companies in the light bus market had cumulative market share exceeding 10% from January to November, with Changan, Jiangling, and Maxus each selling over 60,000 units, with Changan leading the way with over 85,000 units sold, reaching 87,600 units, and a market share of 24.16%. Jiangling and Maxus, ranked second and third, sold 77,300 and 60,000 units respectively, with cumulative sales increasing by 2% and 15% in January-November.There were 44,000 vehicles sold, with market shares of 21.34% and 17.78% in the light commercial vehicle market from January to November this year. Foton ranked fourth with a cumulative sales volume of 42,000 vehicles, holding a market share of 11.59%. Jianghuai, Nanjing Iveco, and Dongfeng companies ranked 5th to 7th, with cumulative sales volumes exceeding 10,000 vehicles each and market shares of 7.40%, 5.58%, and 3.47% in the light commercial vehicle market from January to November this year. The cumulative market shares of other companies were all less than 2.5%.Compared to the same period last year, enterprises such as Changan, Jiangling, JAC, Dongfeng, Golden Dragon, and Yutong have all achieved an increase in cumulative market share. The most significant increase was seen in Changan, which increased by 2.16 percentage points. Jiangling and JAC increased by 1.51 and 1.57 percentage points respectively. Dongfeng, Xiamen Golden Dragon, and Yutong Bus Co., Ltd. also saw a slight increase in market share. However, other enterprises had varying degrees of decline in market share compared to the same period last year. Conclusion: From January to November 2024, the light commercial vehicle market showed a trend of "5 consecutive increases" followed by "6 consecutive decreases". After November, the cumulative sales volume increased by 1% year-on-year, with an increase of only over 5,000 vehicles. Whether it can end the year with growth remains uncertain. 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