Posted on 21 Dec 2023
Total sales of passenger cars across China rose 4% on year and 11% on month to reach 942,000 units over December 1-17, according to the latest data from the China Passenger Car Association (CPCA) released on Wednesday.
"Lately, many regions have been organizing campaigns to boost car consumption (and) various methods, such as holding car exhibitions and distributing coupons, have effectively increased sales volumes," the CPCA pointed out.
Meanwhile, "to meet their annual sales targets, car manufacturers have initiated new rounds of price-off promotions, which have significantly stimulated sales by lowering prices," the Association added.
As of December 17, some 20.29 million passenger vehicles had been sold in China this year, higher by 5% than the same period last year, according to the CPCA.
The data also showed that sales of new-energy passenger vehicles totalled 365,000 units over December 1-17, swelling by 15% on year or up 4% on month. The cumulative sales so far this year reached 7.17 million units, soaring by 34% on year.
"This year, the overall situation of the automobile market has exceeded expectations by a considerable margin. Car sales were lacklustre at the start of this year, but there was a continuous monthly increase from the second quarter onwards, (and the sales volume) reached record highs," the CPCA summarized.
In 2023, passenger car sales may surpass 25 million units, while total vehicle sales may near 30 million units, the Association estimated.
"The growth of (China's) auto market primarily relies on exports and new energy vehicles," it noted. Dealers have experienced a significant decline in profitability this year, and carmakers are now more inclined to consider the interests of dealers and are rationalizing their pace of production, according to the release.
Source:Mysteel Global
