Operation status of the automotive industry in April 2023

With the mild recovery of the macro economy, the acceleration of the restoration of production and living order, and the gradual recovery of market demand, China's macroeconomic operation has achieved a good start. Recently, the Executive Meeting of the State Council further deployed measures to stabilize the economy and ensure that it operates within a reasonable range. The stable operation of the macro economy is expected to further release consumer demand in the automotive market. In April, due to the low base effect of the same period last year, the production and sales of the automotive market achieved a significant year-on-year growth. Among them, the production and sales of new energy vehicles and automobile exports continue to maintain a good trend. It should also be noted that due to the irrational promotion trend since March, consumers have been holding onto currency and watching. Automobile consumption is still in the slow recovery process, and the recovery speed of the commercial vehicle industry is not as expected. Under many adverse effects, production and sales in April have decreased compared to March.

1、 Significant year-on-year growth in automobile production and sales

In April, the production and sales of automobiles completed 2.133 million and 2.159 million units respectively, a decrease of 17.5% and 11.9% month on month, and a year-on-year increase of 76.8% and 82.7%, respectively.

From January to April, the production and sales of automobiles reached 8.355 million and 8.235 million respectively, with year-on-year growth of 8.6% and 7.1%, respectively. Due to the basic stagnation of production and supply caused by the epidemic in April last year, automobile production and sales experienced a cliff like decline, with a relatively low base during the same period. This year, the cumulative production and sales have shifted from negative to positive.

2、 Significant year-on-year growth in passenger car production and sales

In April, the production and sales of passenger cars completed 1.778 million and 1.811 million units respectively, a decrease of 17.3% and 10.2% month on month, and a year-on-year increase of 78.5% and 87.7%, respectively. Among them, the domestic sales of traditional fuel passenger vehicles reached 985000 units, an increase of 389000 units compared to the same period last year, a year-on-year increase of 65.2%, and a decrease of 15.8% compared to the same period last year. On the whole, the demand power of the current domestic automobile market is still weak, the effective demand has not been fully released, and the impact of irrational promotion in March has not been completely eliminated. There is still the phenomenon of holding money and watching.

From January to April, the production and sales of passenger cars reached 7.052 million and 6.949 million respectively, with year-on-year growth of 8.6% and 6.8%, respectively.

In April, the sales of domestically produced high-end brand passenger cars reached 306000 units, a decrease of 13.8% month on month and a year-on-year increase of 1.8 times. From January to April, the sales of high-end brand passenger cars produced domestically reached 1.249 million units, a year-on-year increase of 21%.

3、 The recovery of the commercial vehicle market is less than expected

In April, the production and sales of commercial vehicles completed 355000 and 348000 units respectively, a decrease of 18.4% and 19.9% compared to the previous month; The year-on-year growth rate was 68.8% and 60.5% respectively. Due to the sluggish freight market, a shortage of vehicles and goods, insufficient infrastructure construction rates, and high inventory, the commercial vehicle industry is still recovering from a bottoming out rebound, with a decline in production and sales compared to March. Among the main varieties of commercial vehicles, the production and sales of passenger cars and trucks have both decreased month on month and significantly increased year-on-year.

From January to April, the production and sales of commercial vehicles completed 1.303 million and 1.286 million units respectively, an increase of 8.8% year-on-year. Among the main types of commercial vehicles, the production and sales of passenger cars and trucks have increased compared to the same period last year.

4、 Rapid year-on-year growth in new energy production and sales

In April, the production and sales of new energy vehicles completed 640000 and 636000 units respectively, a year-on-year increase of 1.1 times, and the market share reached 29.5%.

From January to April, the production and sales of new energy vehicles reached 2.291 million and 2.222 million, respectively, with a year-on-year increase of 42.8% and a market share of 27%.