The "Golden Nine" in the domestic car market is showing an explosive trend, and experts predict that the production and sales of automobiles are expected to reach a new historical high in 2023
2023-10-13
Since the beginning of this year, the implementation of domestic automobile promotion policies has been significantly effective, and the overall performance of automobile production and sales in the third quarter was better than expected. In September, the production and sales of automobiles reached new highs in the same period in history. Meanwhile, automobile exports continued to perform well. According to data from the China Association of Automobile Manufacturers (hereinafter referred to as the "China Automobile Association"), in September, China's automobile production and sales reached 2.85 million and 2.858 million units, respectively, with a month on month increase of 10.7% and a year-on-year increase of 6.6% and 9.5%, respectively. Both production and sales reached historical highs during the same period. From January to September, China's automobile production and sales reached a total of 21.075 million and 21.069 million units, with year-on-year growth of 7.3% and 8.2%, respectively. In an interview with reporters, Cui Dongshu, Secretary General of the China Association of Automobile Manufacturers, stated that the "Golden Nine Silver Ten" season is a traditional peak season for the car market. The new round of local subsidies and manufacturers' momentum at the end of the third quarter jointly contributed to the high popularity of the car market in September. It is expected that car sales will also achieve good growth in the fourth quarter. In the first three quarters, car sales exceeded expectations. The traditional peak season for car sales is often a barometer of annual car market sales. Chen Shihua, Deputy Secretary General of the Automobile Association, told Securities Daily that in September and even the third quarter, the overall performance of China's automobile production and sales was better than expected. This was mainly due to a series of consumer promotion policies introduced by the country, and local governments responded very well. They successively formulated and introduced measures such as issuing consumption vouchers and purchasing subsidies. In addition, in the autumn, new products of enterprises were concentrated on the market, and the logistics industry stabilized and rebounded, driving the growth of demand for trucks, The overall market is showing a trend of "not weak in the off-season, but more prosperous in the peak season", and the popularity of the car market continues. In terms of new energy vehicles, following the centralized launch of new products by enterprises in the second quarter, multiple brands appeared at the Chengdu Auto Show with new energy products, providing strong support for the new energy vehicle market. In September, the retail sales of new energy passenger vehicles reached approximately 750000 units, a year-on-year increase of 22.3%, and the penetration rate reached 37.9%, "said Cui Dongshu. This year, China's automobile industry has ushered in three major strategic changes. "Jia Xinguang, Executive Director of the China Automobile Circulation Association, told Securities Daily. Firstly, the export volume of automobiles exceeded 3 million units, driving the overall rapid growth of automobile production and sales. From January to September, domestic automobile sales increased by 1.9% year-on-year; Automobile exports increased by 60% year-on-year. The second is the rise of Chinese independent brands and the decline in the share of foreign brands. In the first nine months, a total of 9.895 million Chinese brand passenger cars were sold, a year-on-year increase of 21.2%, accounting for 54.6% of the total passenger car sales, setting a historical record. Thirdly, the production and sales of new energy vehicles have increased significantly. From January to September, the cumulative production and sales of new energy vehicles reached 6.313 million and 6.278 million, with year-on-year growth of 33.7% and 37.5%, respectively. The market share has reached 29.8%. The three major strategic transformations represent the development trend of the automotive industry. The industry reshuffle will accelerate in the future, "Jia Xinguang added. The implementation of industrial support policies has shown significant effectiveness. In fact, the overall performance of automobile production and sales in the third quarter was better than expected, and in September, both automobile production and sales reached historical highs, which cannot be separated from strong policy support. It is understood that since the beginning of the year, policies and measures to promote automobile consumption have been intensively introduced, including the distribution of automobiles
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：Securities Daily
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