Posted on 17 Jun 2024
Automobile sales in China maintained good growth momentum in May, with the volume rising by 1.5% on year or up 2.5% on month to reach 2.42 million units, according to the latest release by the China Association of Automobile Manufacturers (CAAM) on Friday.
CAAM cited the implementation of a trade-in policy, subsidies provided at local levels and the introduction of various stimulus measures for the domestic automotive market's solid performance.
Meanwhile, last month's output of vehicles also saw an uptick of 1.7% on year at 2.37 million units, the CAAM data showed, though this result was lower by 1.4% from April, however.
Over January-May, the country's total car sales increased by 8.3% on year to 11.5 million units while production rose 6.5% on year to 11.38 million units, according to CAAM, though the gains had narrowed by 2 percentage points and 1.3 percentage points respectively from January-April.
For passenger cars, sales and production during May reached 2.08 million and 2.05 million units, up 1.2% and 2% on year respectively. Both numbers were also up 3.7% and 0.1% on month. During this year's first five months, China sold 9.77 million passenger vehicles and produced 9.71 million units, higher by 8.5% and 7.1% respectively on year, according to the release.
Vehicles for commercial use saw their sales swell by 3.3% on year to 341,000 units in May, while their output slipped by 0.2% on year to 321,000 units. However, both results were down 4.5% and 10.1% respectively compared to April, the CAAM statistics indicated.
Over January-May, sales and production of commercial vehicles moved up by 7.1% and 3.1% respectively on year to 1.73 million units and 1.68 million units.
Regarding the new-energy vehicles (NEVs), this segment continued to grow fast in May, as sales and output soared by 33.3% and 31.9% respectively on year to 955,000 units and 940,000 units last month, as per the release.
Among these NEVs, electric cars saw their sales and output rise 12.5% and 8.8% on year to 583,000 units and 557,000 units last month. Notably, those for plug-in hybrids surged by 87.7% and 91.2% over the same period to 371,000 units and 383,000 units, the data indicated.
China's NEV sales and output in the past five months totalled 3.9 million units and 3.93 million units, up 32.5% and 30.7% from the same period last year.
In terms of auto exports, China sold 481,000 units abroad in May, up by 23.9% on year though down 4.4% on month. The total volume during January-May recorded a 31.3% on-year rise to 2.31 million units, according to the association's data.
China automotive sector's performance in May
'000 units | May 2024 | Jan-May 2024 | ||||||
Sales | YoY (%) | Output | YoY (%) | Sales | YoY (%) | Output | YoY (%) | |
All autos | 2,417 | 1.5 | 2,372 | 1.7 | 11,496 | 8.3 | 11,384 | 6.5 |
NEVs | 955 | 33.3 | 940 | 31.9 | 3,895 | 32.5 | 3,926 | 30.7 |
Source: CAAM |
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Source:Mysteel Global
