Overview of China's automobile market in 2023: New energy vehicles are rising rapidly, and second-hand car transactions are active

By the end of September 2023, the number of motor vehicles in China had reached 430 million, including 330 million automobiles and 18.21 million new energy vehicles. There are 520 million motor vehicle drivers, of which 480 million are car drivers. 

The number of new energy vehicles reached 18.21 million, with 5.198 million newly registered in the first three quarters. By the end of September, the number of new energy vehicles in the country reached 18.21 million, accounting for 5.5 percent of the total number of vehicles. Among them, the number of pure electric vehicles was 14.01 million, accounting for 76.9% of the total number of new energy vehicles. From the first to the third quarter of 2023, 5.198 million new energy vehicles were newly registered nationwide, an increase of 40% over the same period last year, accounting for 28.6% of new vehicle registrations, and 1.44 million, 1.79 million and 2.049 million new energy vehicles were newly registered in the first, second and third quarters, respectively. 

The second-hand car market remained active in the first three quarters, with 25.05 million motor vehicle transfer registrations. From the first three quarters of 2023, local public security traffic management departments handled 25.05 million motor vehicle transfer registration businesses, of which 23.31 million were motor vehicle transfer registration businesses, accounting for 93.1%. In recent years, the Ministry of Public Security, together with the Ministry of Commerce and other departments to promote the implementation of second-hand car off-site transaction registration reform measures, better promote the circulation of second-hand cars, from the first to the third quarter of this year, the public security traffic management department handled 3.805 million second-hand passenger car off-site transaction registration business.