Posted on 13 Nov 2023
China's automotive market continued powering up during October with car exhibitions and promotional activities in full swing and carmakers continuously launching new models, the China Association of Automobile Manufacturers (CAAM) said on Friday. Consequently, last month both sales and production of vehicles refreshed record highs, it said in its latest release.
Last month, 2.85 million vehicles were sold throughout China, higher by 13.8% on year but inching down by 0.2% on month, the CAAM data showed. Similarly, production of automobiles rose 11.2% on year and by 1.5% on month in October to 2.89 million units.
As a result, during this year's January-October period China's total auto sales and production had swelled by 9.1% and 8% respectively on year to 23.97 million units and 24.02 million units, according to the association.
As for the passenger car segment, sales and production last month had gained by 11.4% and 7.6% respectively on year to 2.49 million units and 2.51 million units. The numbers were also higher by 0.02% and 0.7% from a month earlier. In the past ten months, total sales of passenger vehicles had increased by 7.5% on year to 20.66 million units, while their production ticked up by 6% during the same period to 20.73 million units.
In terms of vehicles for commercial use, their output soared by 42.7% on year to 378,000 units in October, also up 6.9% on month. Meanwhile, commercial vehicle sales rose 33.4% on year to 365,000 units, though lower by 1.7% on month, the CAAM data showed.
For the cumulative January-October period, sales and output of commercial vehicles gained by 19.8% and 22.1% respectively on year to 3.3 million units and 3.29 million units.
During October, China's sales and output of new-energy vehicles had jumped by 33.5% and 29.2% respectively on year to 956,000 units and 989,000 units. For January-October, the volumes were higher by 37.8% and 33.9% on year at 7.28 million units and 7.35 million units.
As for exports, China shipped 488,000 vehicles abroad in October, soaring by 44.2% on year and up 9.8% from September. During the January-October period, the total export volume surged 59.7% on year to 3.92 million units, the data showed.
Meanwhile, during the past ten months, the Shanghai-based automaker SAIC Motor was the country's largest vehicle exporter by selling 861,000 vehicles abroad, accounting for 22% of the total exports, while Warren Buffet-backed BYD posted a 4.4-fold spike in export volume to reach 185,000 units, according to CAAM.
Source: CAAM
'000 units | Oct | Jan-Oct | ||||||
Sales | YoY (%) | Output | YoY (%) | Sales | YoY (%) | Output | YoY (%) | |
All autos | 2,853 | 13.8 | 2,891 | 11.2 | 23,967 | 9.1 | 24,016 | 8 |
NEVs | 956 | 33.5 | 989 | 29.2 | 7,280 | 37.8 | 7,352 | 33.9 |
Source:Mysteel Global
