Auto & Transportation

On October 11, data released by the China Association of Automobile Manufacturers ("CAAM") showed that from January to September, my country's automobile production and sales continued to grow, and the industry was booming. Among them, BYD and other self-owned brand car companies continue to make efforts in the field of new energy vehicles and accelerate the development of the international trade market.

Steady increase in production and sales

Automobile production and sales increased steadily. In September, my country's automobile production and sales reached 2.672 million and 2.61 million, an increase of 11.5% and 9.5% from the previous month, and an increase of 28.1% and 25.7% from the same period last year. From January to September, my country's automobile production and sales reached 19.632 million and 19.47 million respectively, a year-on-year increase of 7.4% and 4.4%, and the growth rate increased by 2.6 percentage points and 2.7 percentage points respectively from January to August. The China Automobile Association said that the operation of the automobile industry continued to improve.

From the perspective of the passenger car market, in September, the sales of passenger cars were 2.332 million, an increase of 9.7% month-on-month and a year-on-year increase of 32.7%. From January to September, a total of 16.986 million passenger vehicles were sold, a year-on-year increase of 14.2%, an increase of 2.5 percentage points from January to August.

With the rapid development of my country's automobile industry, the industrial concentration has been continuously improved. Data show that from January to September, the top ten companies (groups) in my country's automobile sales sold a total of 16.792 million vehicles, accounting for 86.2%. Among them, BYD, Chery Automobile and Guangzhou Automobile Group and other car companies have a faster year-on-year sales growth.

According to the China Automobile Association, with the arrival of the traditional peak sales season of "Golden Nine and Silver Ten", the intensive launch of new cars has played a role in promoting the auto market. At the same time, the consumption promotion policy continued to exert force, and the vitality of the passenger car market remained unchanged. In the past three months, it has shown the characteristics of "not weak in the off-season, but still prosperous in the peak season".

The rapid growth of the new energy vehicle market

The new energy vehicle market maintains rapid growth. In September, the production and sales of new energy vehicles in my country reached a record high again, reaching 755,000 and 708,000 respectively, an increase of 9.3% and 6.2% month-on-month, 1.1 times and 93.9% year-on-year, respectively, with a market share of 27.1%. From the perspective of the main varieties of new energy vehicles, compared with the previous month, the production and sales of pure electric vehicles and plug-in hybrid electric vehicles have achieved growth, and compared with the same period in 2021, they have maintained rapid growth.

From January to September, the production and sales of new energy vehicles in my country reached 4.717 million and 4.567 million respectively, an increase of 1.2 times and 1.1 times year-on-year respectively, and the market share reached 23.5%. From the perspective of the main varieties of new energy vehicles, compared with the same period in 2021, the production and sales of pure electric vehicles, plug-in hybrid electric vehicles and fuel cell vehicles have maintained a rapid growth momentum.

Self-owned brands continue to make efforts in the field of new energy vehicles. According to the data released by the Passenger Vehicle Market Information Joint Association (referred to as the “Passenger Association”), in September, the penetration rate of new energy vehicles among self-owned brands was 55.2%; the penetration rate of new energy vehicles among mainstream joint venture brands was only 4.2%. In terms of monthly domestic retail sales, in September, the retail share of mainstream self-owned brand new energy vehicles was 67%, a year-on-year increase of 9.2 percentage points; the share of joint venture brand new energy vehicles was 5.7%, a year-on-year decrease of 3.3 percentage points.

With the rapid development of self-owned brand new energy vehicle technology, BYD, Great Wall Motor, Weilai and other car companies have increased their efforts to expand the international trade market, and achieved results.

According to data from the General Administration of Customs compiled by the China Automobile Association, in August, my country's auto exports in international trade amounted to US$15.22 billion, a month-on-month increase of 4.6% and a year-on-year increase of 29.1%. From January to August, the cumulative international trade export value of my country's auto commodities was 100.2 billion US dollars, a year-on-year increase of 24.1%.

The Federation of Passenger Transport Associations stated that self-owned brands give full play to the advantages of the industrial chain and accelerate the expansion of the international trade market, which is conducive to expanding the market scale and promoting the transformation and upgrading of the manufacturing industry.