Production and sales growth in the automotive industry exceeds expectations, and demand continues to release
2023-11-21
According to data from the China Association of Automobile Manufacturers, in the first 10 months, China's automobile production and sales reached 24.016 million and 23.967 million units, respectively, with year-on-year growth of 8% and 9.1%, indicating a steady growth in automobile production and sales. Experts believe that as the effects of national stable growth policies continue to emerge, coupled with measures such as local car purchase subsidies and promotional activities, as well as the "tail up" effect at the end of the year, the market demand for the automotive industry will continue to grow in the fourth quarter, and it is expected to achieve the annual target well. Reaching a new high in history during the same period, car exhibitions and promotional activities in multiple domestic regions have been vigorously carried out recently. New models have been continuously released, and customer flow into stores has significantly increased, further driving car consumption. According to data from the China Automobile Association, the production and sales of automobiles in October reached 2.891 million and 2.853 million, respectively, an increase of 11.2% and 13.8% year-on-year. The production and sales volume reached a new historical high for the same month after September. Chen Shihua, deputy secretary-general of the China Association of Automobile Manufacturers, said that the auto market was "golden nine and silver ten". The auto sales in October were basically the same as that in September, slightly down month on month, and achieved rapid growth year on year. In the first 10 months, the growth rate of China's automobile production and sales increased by 0.7 and 0.9 percentage points compared to the previous 9 months. This year, China's automobile market has shown a gradual upward trend. Cui Dongshu, Secretary General of the Joint Conference on Passenger Car Market Information, stated that the automotive market was greatly affected by the Spring Festival and subsidy withdrawal in the first two months. From March to May, it saw a comprehensive year-on-year surge driven by last year's low base. From June to October, exports and domestic demand were strong, driving high growth. The recovery of commercial vehicles in the Chinese automotive market is strong, and the passenger car market continues to improve. Currently, manufacturers and dealers are entering the full year target sprint stage, and competition in the car market is becoming increasingly fierce, especially in the fourth quarter. Some manufacturers have launched some impulse measures and gradually increased their terminal promotion efforts. With the increase of policy guidance for the automotive industry at the national level, the car market is expected to achieve its annual goals well. Chen Shihua pointed out that the monthly pattern of automobile production and sales has a year-end "tail up" effect, with a low base in the last two months of last year. Based on recent research, "tail up" will still occur this year. In the first 10 months of this year, car sales increased by 9.1% year-on-year, and coupled with the fourth quarter of the car company's momentum, it is expected that the annual production and sales growth rate will exceed the expected 3% at the beginning of the year. Xu Haidong, Deputy Chief Engineer of China Automobile Association, predicts that based on the performance of the car market in the past October, domestic car sales are expected to exceed 30 million units this year, setting a new historical high. Compared to the overall car market, the monthly production and sales of nearly a million new energy vehicles are more impressive. In October, the production and sales of new energy vehicles completed 989000 and 956000 units respectively, with year-on-year growth of 29.2% and 33.5%, and a market share of 33.5%. In the first 10 months, the production and sales of new energy vehicles in China reached 7.352 million and 7.28 million, respectively, with year-on-year growth of 33.9% and 37.8%, and a market share of 30.4%; The export of new energy vehicles reached 995000 units, a year-on-year increase of 99.1%. "In October, the production and sales of new energy vehicles hit a record high, reaching the scale of nearly one million vehicles in a single month, and the market share exceeded 30% for six consecutive months." Chen Shihua said,
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：economic daily
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