Operation of automobile industry in October 2022

China's major macroeconomic indicators have recovered and remained within a reasonable range. Positive factors have accumulated. The implementation of a package of national policies and follow-up policies and measures to stabilize the economy was accelerated. The main economic indicators of the automobile industry continued to improve, and the industry development environment continued to improve, which helped the automobile market achieve steady growth and stable expectations throughout the year. In October, auto production and sales continued to grow, and the cumulative year-on-year growth continued to develop steadily. The preferential purchase tax and other policies promoted the continuous development of consumption policies, and the production and sales of passenger cars continued to maintain a double-digit growth year on year; Commercial vehicles are still at a low level; This month, the production and sales of new energy vehicles and auto exports hit a record high, continuing to drive the steady growth of China's auto production and sales.

1、 Automobile production and sales continued to maintain rapid growth year-on-year

In October, the production and sales of automobiles were 2.599 million and 2.505 million, down 2.7% and 4% month on month respectively, and up 11.1% and 6.9% year on year respectively. Affected by the frequent outbreaks of the epidemic, the terminal market was under pressure, and the production supply was slightly lower than that in September. Due to the continuous efforts of the vehicle purchase tax reduction policy, compared with the same period of last year, the production and sales volume still maintained a growth momentum.

From January to October, the production and sales of automobiles were 22.242 million and 21.975 million, up 7.9% and 4.6% year on year respectively. The growth rate increased by 0.5 and 0.3 percentage points respectively from January to September.

2、 Production and sales of passenger cars maintained double-digit growth year-on-year

In October, the production and sales of passenger cars were 2.334 million and 2.231 million respectively. The month on month ratio decreased by 3.1% and 4.3% respectively, with year-on-year growth of 16.9% and 10.7% respectively. Among them, the domestic sales volume of traditional fuel passenger vehicles was 1.378 million, 125000 fewer than the same period of last year, 5.2% lower than the previous month, and 8.3% lower than the previous year.

From January to October, the production and sales of passenger cars were 19.551 million and 19.218 million, up 17.3% and 13.7% year on year respectively. The passenger car market has maintained rapid growth since June, driven by such factors as the policy of halving the purchase tax, the rapid growth of new energy vehicles, and the good momentum of automobile exports.

In October, the sales volume of high-end brand passenger cars produced in China reached 340000, down 11.2% month on month and 12.5% year on year, with a year-on-year growth rate of 1.8 percentage points higher than that of the passenger car market. From January to October, the sales volume of high-end brand passenger cars produced in China reached 3.075 million, up 10.6% year on year. This year's preferential purchase tax policy has benefited a wide range of people, promoted consumption upgrading, and the overall performance of high-end brands is good.

3、 The commercial vehicle market is still at a low level

In October, the production and sales of commercial vehicles were 265000 and 273000 respectively, with the output increasing by 0.8% month on month and the sales volume decreasing by 1.8% month on month; The year-on-year decrease was 22.7% and 16.2% respectively. Compared with last month, the sales of freight cars and passenger cars decreased to varying degrees, and the output of freight cars increased slightly. Compared with the same period of last year, the production and sales of freight cars decreased, the production of passenger cars increased by 8%, and the sales volume decreased by 10%.

From January to October, the production and sales of commercial vehicles were 2.691 million and 2.757 million, respectively, down 31.7% and 32.8% year on year. According to the production and sales of different models, the production and sales of passenger cars and trucks declined rapidly.

4、 New energy vehicles set a new record

In October, the production and sales of new energy vehicles were 762000 and 714000, up 87.6% and 81.7% year on year, respectively, with a market share of 28.5%.

From January to October, the production and sales of new energy vehicles were 5.485 million and 5.28 million respectively, with a year-on-year growth of 1.1 times and a market share of 24%.