On December 8, CPCA released monthly passenger car sales data. In November, the retail sales of passenger cars reached 2.081 million, a year-on-year increase of 8.0%, achieving the highest growth rate in nearly two years at around 8% for five consecutive months. China's passenger car market maintained a strong growth from July to November this year, CPCA said. This is, first of all, because of the faster than expected recovery of the macro economy and export markets. Second, the doubling of retail sales of new energy vehicles has shown an obvious rebound, which has promoted the strengthening of the auto market. According to the data, from January to November, the total retail sales of passenger cars in China reached 17.002 million, a year-on-year decrease of 8.3%. The cumulative sales of this year decreased by 15.4 million, accounting for about 8.3 percentage points of last year's total retail sales. The decrease in retail sales this year is mainly due to an early Spring Festival and the pandemic, which affected the sales of 2.25 million vehicles in the first half of the year. From July to November, the retail sales increased by 650 million compared to the same period last year. If the net increase of 150,000 vehicles in November is maintained in December, the annual retail loss is expected to be 1.4 million, with a year-on-year decrease of 7.0%. In terms of new energy vehicles, the wholesale of new energy passenger cars in November reached 180,000, a year-on-year increase of 128.6% and a month-on-month increase of 24.8%. The retail sales reached 169,000, with a year-on-year growth of 136.5%. The penetration rate of new-energy passenger cars in retail market was 8.0%, becoming the core driving force for the growth of the retail sales of passenger cars. Among them, the sales volume of plug-in hybrid electric vehicles reached 30,000, a year-on-year increase of 160.0%. Wholesale of pure electric vehicles reached 150,000, a year-on-year increase of 122.3%. As for the auto market next year, CPCA said that the auto market in China has shown a V-shaped rebound in 2020, and the auto market in 2021 will continue the trend of continuous recovery in 2020 with strong growth momentum.