Posted on 11 Apr 2024
Both sales and production of automobiles across China during March showed signs of recovery, rising by 9.9% and 4% on year respectively, according to the latest statistics released by the China Association of Automobile Manufacturers (CAAM) on Wednesday.
Last month, China's auto dealers sold 2.694 million units – slightly higher than the vehicle output of 2.687 million units, the CAAM data showed. Meanwhile, these numbers were higher by a whopping 70.2% and 78.4% on month, indicating a spectacular revival in the domestic automotive market after the long Chinese New Year holiday in February.
"Many new car models were launched after the holiday while automotive exhibitions were held as well, and these – together with trade-in programs for automobiles in some regions – had led to the surge in sales," CAAM said.
For the first quarter of this year, the country's total car sales grew by 10.6% on year to 6.72 million units while production rose 6.4% on year to 6.61 million units, according to the Association.
As for passenger cars, sales and production for March increased by 10.9% and 4.7% on year to 2.24 million units and 2.25 million units respectively, or jumping by 67.8% and 76.7% from February, the CAAM statistics showed.
In Q1, China sold 5.69 million passenger cars and produced 5.61 million, with the former swelling by 10.7% on year and the latter up 6.6% on year.
The sales of vehicles for commercial use during March rose by 5.6% on year and by a massive 82.8% on month to 458,000 units, while output edged up by 0.7% on year but by 88.1% on month to 437,000 units, according to the release.
Meanwhile, sales of commercial vehicles totalled 1.03 million units in Q1, up 10.1% on year, while output rose 5.1% to 997,000 units over the same period, CAAM said.
As for new-energy vehicles (NEVs), their sales and output were higher by 35.3% and 28.1% respectively on year at 883,000 units and 863,000 units in March. In Q1, sales and production of NEVs rose 31.8% and 28.2% on year to 2.09 million units and 2.12 million units.
In terms of auto exports, China shipped 502,000 units abroad last month, up 37.9% on year or by 33% from February, while the total volume of exports during Q1 moved up 33.2% on year to 1.32 million units, the CAAM release showed.
'000 units | Mar 2024 | Jan-Mar 2024 | ||||||
Sales | YoY (%) | Output | YoY (%) | Sales | YoY (%) | Output | YoY (%) | |
All autos | 2,694 | 9.9 | 2,687 | 4 | 6,720 | 10.6 | 6,606 | 6.4 |
NEVs | 883 | 35.3 | 863 | 28.1 | 2,090 | 31.8 | 2,115 | 28.2 |
Source: CAAM |
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Source:Mysteel Global
