Posted on 14 Aug 2024
China's automotive market entered the traditional summer off-season in July, with some carmakers giving workers days off due to high temperatures, slowing down production and sales, according to the latest release by the China Association of Automobile Manufacturers (CAAM).
Last month, China's auto dealers sold 2.26 million units, down 5.2% on year, while the country's vehicle output also slipped by 4.8% on year to 2.29 million units, according to the CAAM data. The sales and production figures were also lower by 11.4% and 8.8% respectively compared to the previous month.
For January-July, the country's total automobile sales increased by 4.4% on year to 16.3 million units while output gained by 3.4% on year to 16.2 million units, though the rises narrowed by 1.7 percentage points and 1.5 percentage points from the first half of this year, the statistics show.
As for passenger cars, sales and production in July reached 1.99 million units and 2.03 million units, down 5.1% and 4% on year respectively. The results were also down 10% and 6.8% on month. During the first seven months, China sold 13.97 million passenger vehicles and produced 13.92 million units, higher by 4.5% and 3.9% respectively on year, according to the association.
Meanwhile, vehicles for commercial use saw their sales slide by 6.6% on year to 268,000 units in July, while their output fell by 10.5% on year to 256,000 units. And on a monthly basis, the declines were larger at 20.4% and 22.4% respectively, according to the release.
Over January-July, sales and production of commercial vehicles ticked up by 3.5% and 0.4% respectively on year to 2.34 million units and 2.26 million units.
The new-energy vehicle (NEV) segment continued its upward momentum in July, with sales jumping by 27% on year to 991,000 units, contributing to 43.8% of the country's total car sales. In parallel, NEV output grew by 22.3% to 984,000 units over the same period.
China's NEV sales and output in the past seven months totalled 5.93 million units and 5.91 million units, rising by 31.1% and 28.8% respectively compared to the same period last year, according to the latest data.
In terms of auto exports, China sold 469,000 units abroad in July, up 19.6% on year though down 3.2% on month. The total volume for January-July swelled by 28.8% on year to 3.26 million units.
China automotive sector's performance in July | ||||||||
'000 units | Jul 2024 | Jan-Jul 2024 | ||||||
Sales | YoY (%) | Output | YoY (%) | Sales | YoY (%) | Output | YoY (%) | |
All autos | 2,262 | -5.2 | 2,286 | -4.8 | 16,310 | 4.4 | 16,179 | 3.4 |
NEVs | 991 | 27 | 984 | 22.3 | 5,934 | 31.1 | 5,914 | 28.8 |
Source: CAAM |
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Source:Mysteel Global
