Posted on 12 Jun 2023
Sales and production of automobiles in China both rose strongly on year in May, but the increases were mainly due to the low base of last year, according to the latest data released by the China Association of Automobile Manufacturers (CAAM) on June 9.
The country's automobile sales in May gained 27.9% from the same month last year to reach 2.38 million units, while production rose 21.1% on year to 2.33 million units, CAAM's data showed.
Contributing to the high on-year rises were the low sales and production figures for May 2022 when market supply was stagnant and trading had subsided due to the impact of containment measures to curb the COVID-19 spread across the country, CAAM said.
On a month-on-month basis, total automobile sales in China in May recorded a 10.3% gain compared with April, while output also grew by 9.4%, CAAM's data showed.
Last month, China's central and local governments launched a series of stimulus policies to promote sales of automobiles, while dealers held sales promotion events during the Labour Day holiday over April 29-May 3. Both led to the on-month growth of sales in May, according to CAAM.
Over January-May, China's total vehicle sales gained by 11.1% on year to 10.62 million units, while output also increased by 11.1% on year to 10.69 million units, according to the data.
China's sales and production of automobiles in May
000 units | Sales | YoY (%) | Production | YoY (%) |
Total | 2,382 | 27.9 | 2,333 | 21.1 |
Passenger cars | 2,051 | 26.4 | 2,011 | 18.2 |
Commercial vehicles | 330 | 38.2 | 322 | 42.9 |
NEVs | 717 | 60.2 | 713 | 53 |
China's sales and production of automobiles over Jan-May
000 units | Sales | YoY (%) | Production | YoY (%) |
Total | 10,617 | 11.1 | 10,687 | 11.1 |
Passenger cars | 9,001 | 10.7 | 9,063 | 10.6 |
Commercial vehicles | 1,616 | 13.7 | 1,625 | 14.2 |
NEVs | 2,940 | 46.8 | 3,005 | 45.1 |
Source: CAAM
Last month in the NEV sector, electric cars accounted for the largest share in terms of sales and production, with the former surging by 50.4% on year to 522,000 units and latter by 42% on year to 517,000 units. In the first five months, sales of electric cars soared by 35.3% on year to total 2.15 million units, while production also rose by 33.9% on year to reach 2.2 million units.
Meanwhile, China's auto exports jumped by 58.7% on year to 389,000 units in May, while the combined total over January-May grew by 81.5% on year to 1.76 million units.
Source:Mysteel Global
