China’s Car Production, Sales Fall in November, CAAM Data Shows
Xu Wei
DATE:  Dec 09 2022
/ SOURCE:  Yicai
China’s Car Production, Sales Fall in November, CAAM Data Shows China’s Car Production, Sales Fall in November, CAAM Data Shows

(Yicai Global) Dec. 9 -- Production and sales of cars in China fell on a monthly and yearly basis in November due to the economic downturn and Covid-19 impact on vehicle purchases, new figures showed.

China produced and sold 2.386 million and 2.328 million vehicles respectively last month, the China Association of Automobile Manufacturers said on its website today. Output and sales fell 8.2 percent and 7.1 percent from October, and both declined 7.9 percent from a year earlier.

In the 11 months ended Nov. 30, China made 24.628 million vehicles and sold 24.302 million, up 6.1 percent and 3.3 percent from a year ago. But year-on-year growth narrowed 1.8 percentage point and 1.3 percentage point from the first 10 months.

China’s end user market lacks upward momentum, with lower-than-expected release of consumption potential, the CAAM said.

The country’s auto industry is in a key period of transformation and upgrading, and a stable and healthy consumer market is crucial to promoting the high-quality development of the industry. So continuous policy support is needed, it suggested, including extending the purchase tax cut on fuel vehicles and local consumption-boosting policies in 2023. That would help drive industrial development and keep the economy stable, it said.

The purchase tax cut greatly steadied auto market growth this year, but the benefits were damped down by the impact of Covid-19 in the second half, the CAAM said.

The new energy vehicle market has remained strong. In the first 11 months, NEV production and sales reached 6.253 million and 6.067 million vehicles, both doubling from a year earlier, and their market share reached 25 percent.

Last month, NEV production and sales stood at 768,000 and 786,000 vehicles respectively, jumping 66 percent and 72 percent from a year before.

Exports also maintained strong yearly growth last month, despite a monthly drop. Chinese carmakers exported 329,000 vehicles, down 2.5 percent from a month earlier, but up 65 percent year on year. They exported 95,000 NEVs, down 13 percent month on month, but up 1.5 times on an annual basis.

Chinese automakers exported 2.785 million vehicles in the first 11 months, up 55 percent from a year ago. NEV exports doubled to 593,000.

The CAAM predicted that sales in 2023 will rise 3 percent from this year to reach 27.6 million vehicles, including 9 million NEVs, a 35 percent annual increase, The Paper reported.

Editor: Tom Litting

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Keywords:   CAAM,Automobiles