Brief analysis of the economic operation of the automobile industry in February 2022
I. Overview of the overall operation
From January to February 2022, the domestic macroeconomic situation is generally stable, the production situation of enterprises is generally good, and the manufacturing PMI continues to operate smoothly in the expansion range. In addition, according to data provided by the National Bureau of Statistics, in February, the production index and new order index of the automobile industry were both higher than 54.0%, and the production and operation activity expectation index remained at a high level of over 60.0% for two consecutive months since January. higher than the manufacturing average.
From January to February, the production and sales of the automobile industry remained generally stable, and continued to grow year-on-year, with a 10% increase over the same period in 2019. From the perspective of subdivided models, the production and sales of passenger vehicles both decreased month-on-month and maintained rapid year-on-year growth. The production and sales of commercial vehicles both decreased month-on-month and year-on-year, and the performance remained sluggish. The overall performance of new energy vehicles this month is still outstanding, the month-on-month decline has been maintained, and the year-on-year growth has maintained rapid growth. In addition, although the auto export this month also showed a certain decline compared with the previous month, it still maintained a year-on-year growth momentum.
From the perspective of the development trend of automobiles in the first quarter, with the continuous implementation of a series of larger tax cuts and fee reductions, as well as the continuous implementation of policies to help enterprises solve difficulties, coupled with the successive start of large-scale infrastructure projects in various places since the last quarter, all of these will have a positive impact on economic growth. obvious impetus. At the same time, auto companies are also accelerating the pace of new product launches. It is expected that the auto market is expected to show a steady growth trend in the first quarter. It should also be noted that due to the current conflict between Russia and Ukraine, the external environment of the industry is more complicated. In addition, factors such as chip shortages and rising raw material costs still affect the production and operation of enterprises, and the task of ensuring supply and stable prices is very arduous. To this end, we remain cautiously optimistic about the future development of the industry. At the same time, we also recommend that companies pay attention to changes in internal and external situations in a timely manner, actively plan, and continuously improve their ability to take advantage of opportunities in crisis and open new ones in changing situations.
2. Operation of the automobile industry in February 2022
l The production and sales of automobiles increased steadily year-on-year
In February, automobile production and sales reached 1.813 million and 1.737 million respectively, down 25.2% and 31.4% month-on-month, and up 20.6% and 18.7% year-on-year. Due to the influence of the Spring Festival holiday, the month-on-month decline was sharp, and the year-on-year increase was due to the positive promotion of the export of new energy and automobiles; the second is that the demand for inventory replenishment drove growth.
From January to February, the production and sales of automobiles reached 4.235 million and 4.268 million respectively, an increase of 8.8% and 7.5% year-on-year respectively.
l The production and sales of passenger cars grew rapidly compared with the same period last year
In February, the production and sales of passenger vehicles completed 1.534 million and 1.487 million respectively, down 26.1% and 32.0% month-on-month, and up 32.0% and 27.8% year-on-year.
From January to February, the production and sales of passenger vehicles were 3.612 million and 3.674 million, up 17.6% and 14.4% year-on-year, respectively.
From the cumulative data of subdivided models, the production and sales of sedan increased by 15.8% and 12.8% year-on-year respectively; the production and sales of SUV increased by 20.7% and 16.4% respectively; the production and sales of MPV decreased by 4.9% year-on-year, and the sales volume increased by 3.8% year-on-year; They increased by 39.5% and 35.2% respectively.
In February, the sales volume of domestically produced high-end brand passenger cars reached 268,000 units, a year-on-year increase of 31.6%, an increase of 20.5 percentage points from January. From January to February, the sales volume of domestically produced high-end brand passenger vehicles reached 656,000 units, a year-on-year increase of 20.0%, 5.6 percentage points higher than the overall growth rate of passenger vehicles.
l The year-on-year decline of commercial vehicles has narrowed
In February, the production and sales of commercial vehicles were 279,000 and 250,000 units, down 19.2% and 27.4% month-on-month, respectively; down 18.3% and 16.6% year-on-year, and the year-on-year decline was 9.7 and 8.5 percentage points lower than the previous month.
From January to February, the production and sales of commercial vehicles were 624,000 and 594,000, down 24.0% and 21.7% year-on-year, respectively. From the perspective of subdivided models, the production and sales of trucks decreased by 25.0% and 22.7% year-on-year respectively, and the production and sales of passenger cars decreased by 10.8% and 10.9% year-on-year respectively.
Sales of passenger and truck segments in this month: mini and light trucks increased year-on-year, while medium and heavy-duty trucks decreased year-on-year. Among them, mini-trucks increased significantly and heavy-duty trucks decreased significantly; large and medium-sized passenger vehicles increased year-on-year, and light-duty vehicles decreased year-on-year.
l New energy vehicles continue to maintain rapid growth year-on-year
In February, the production and sales of new energy vehicles were 368,000 and 334,000, an increase of 2.0 and 1.8 times year-on-year, respectively. Among them, the production and sales of pure electric vehicles completed 285,000 and 258,000 units respectively, an increase of 1.7 times and 1.6 times year-on-year respectively; the production and sales of plug-in hybrid electric vehicles completed 83,000 and 75,000 units respectively, an increase of 4.1 times and 3.4 times year-on-year respectively; The production and sales of fuel cell vehicles were 213 and 178 respectively, an increase of 7.5 times and 5.4 times year-on-year respectively.
From January to February, the production and sales of new energy vehicles were 820,000 and 765,000, an increase of 1.6 times and 1.5 times year-on-year respectively. The market share reached 17.9%. Among them, the production and sales of pure electric vehicles were 652,000 and 604,000, an increase of 1.4 times year-on-year; the production and sales of plug-in hybrid vehicles were 168,000 and 160,000, an increase of 2.8 times and 2.5 times year-on-year respectively; fuel cell vehicles Production and sales were completed at 356 units and 371 units respectively, an increase of 5.0 times and 3.1 times year-on-year respectively.