Operation of automobile industry in February 2023

With the further emergence of the effects of economic stabilization policies and measures, the impact of the superimposed epidemic subsided and other favorable factors, China's economic prosperity continued to rise. The purchasing managers' index of the manufacturing industry has risen significantly and has been in the expansion range for two consecutive months. The market is expected to continue to improve. Macroeconomic stability is very important for the steady growth of the automobile market. In February, because the same period last year and January this year are both Spring Festival months, the base is relatively low, and the automobile production and sales are significantly increased on a month-on-month and year-on-year basis. Among them, the production and sales of passenger cars showed double-digit growth, while the production and sales of commercial vehicles showed double-digit growth year-on-year, and the export of new energy vehicles and automobiles continued to perform well.

1、 The overall growth trend of automobiles is obvious

In February, the production and sales of automobiles were 2.032 million and 1.976 million respectively, up 27.5% and 19.8% on a month-on-month basis and 11.9% and 13.5% on a year-on-year basis. Since the same period last year and January this year are both Spring Festival months, the base is relatively low, and under the influence of the policies of promoting consumption of automobiles and price reduction and promotion of automobile enterprises introduced in various regions in February, the production and sales of automobiles have increased significantly on a month-on-month basis and on a year-on-year basis.

In January-February, the production and sales of automobiles were 3.626 million and 3.625 million, down 14.5% and 15.2% respectively year on year.

2、 The production and sales of passenger cars showed double-digit growth

In February, the production and sales of passenger cars were 1.715 million and 1.653 million respectively, up 22.8% and 12.5% month-on-month and 11.6% and 10.9% year-on-year. Among them, the domestic sales of traditional energy passenger vehicles were 964000, a decrease of 104000 over the same period of the previous year, a year-on-year increase of 6.6% and a year-on-year decrease of 9.8%. After February, as many new energy vehicles were listed, and new energy vehicle subsidies and auto consumption vouchers were introduced in many places to boost consumption, the overall passenger vehicle market production and sales showed double-digit growth.

In January-February, the production and sales of passenger cars were 3.112 million and 3.121 million, down 14% and 15.2% year on year.

In February, the sales of domestic high-end brand passenger cars reached 304000, up 7.1% month-on-month and 15.4% year-on-year, 4.5 percentage points higher than the passenger car market. In January-February, the sales of domestic high-end brand passenger cars reached 588000, down 9.7% year on year.

3、 The production and sales of commercial vehicles increased rapidly

In February, the production and sales of commercial vehicles were 317000 and 324000 respectively, up 61% and 79.4% month-on-month and 13.5% and 29.1% year-on-year. Among the main types of commercial vehicles, the production and sales of passenger cars and trucks increased significantly compared with the previous month; Compared with the same period of the previous year, the production and sales of passenger cars and trucks increased rapidly, but the increase was lower than that of passenger cars.

In January-February, the production and sales of commercial vehicles were 514000 and 504000, down 17.8% and 15.4% year on year, continuing to show a double-digit decline. Among the main types of commercial vehicles, the production and sales of passenger cars increased slightly compared with the same period last year, while the production and sales of freight cars decreased rapidly.

4、 New energy vehicles continue to grow steadily

In February, the production and sales of new energy vehicles were 552000 and 525000 respectively, up 48.8% and 55.9% year on year, and the market share reached 26.6%.

In January-February, the production and sales of new energy vehicles were 977000 and 933000 respectively, up 18.1% and 20.8% year on year, and the market share reached 25.7%.