China’s Car Sales Jump 28% in May; Market Is Still Under Pressure, CAAM Says
Xu Wei
DATE:  Jun 09 2023
/ SOURCE:  Yicai
China’s Car Sales Jump 28% in May; Market Is Still Under Pressure, CAAM Says China’s Car Sales Jump 28% in May; Market Is Still Under Pressure, CAAM Says

(Yicai Global) June 9 -- China’s auto market perked up last month, thanks to the country’s economic recovery, an ongoing boost from policy measures, and a low base in the same period of last year.

Car production and sales reached 2.33 million and 2.38 million, respectively, in May, rising 21 percent and 28 percent from a year earlier, the China Association of Automobile Manufacturers said on its WeChat account today. On a monthly basis the increases were 9.4 percent and 10.3 percent.

But the industry group also noted that even though the world’s biggest auto market has picked up somewhat since April, it is still in a slow recovery stage, with the industry facing great pressure and the economic efficiency of carmakers at a low ebb.

It is difficult to achieve stable growth throughout the year. So, it is necessary to restore and expand demand and roll out comprehensive measures to accelerate the release of consumption potential, to promote the industry’s stable growth, it said.

Auto exports contributed much to the better figures. Vehicle manufacturers exported 389,000 units last month, up 3.4 percent from April and 59 percent from a year ago.

In the first five months of this year, China produced 10.69 million vehicles and sold 10.62 million, both up 11 percent year on year, and carmakers exported 1.76 million units, soaring 82 percent from the same period last year.

China’s new energy vehicle sector continued to maintain a high growth rate. Production and sales in May stood at 713,000 and 717,000, respectively, a gain of 53 percent from the month before and 60 percent from a year earlier, with a 30 percent market share.

From January to May, China’s NEV production and sales climbed 45 percent and 47 percent year on year to 3.005 million and 2.94 million, respectively, for a market share of 28 percent.

Editor: Peter Thomas

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Keywords:   Car Sales