Operation status of the automotive industry in June 2023

China's economic operation has maintained a sustained recovery trend, with a cumulative increase in positive factors, and the long-term positive trend of the economy remains stable. Against this backdrop, the automotive industry has walked out of the market transition period in the first quarter, and the situation has significantly improved in the second quarter. Overall, the industry maintained stable development in the first half of the year, with the domestic market continuing to recover and major economic indicators continuing to improve. After experiencing the impact of sales promotion policy switching and market price fluctuation in the first quarter, China's automobile market, driven by the central and local consumption promotion policies, the announcement of the sixth national implementation of Kei car, automobile marketing activities in many places, and a large number of new models of enterprises coming into the market, superimposed on the semi annual node impulse of automobile enterprises and the relatively low base in April and May, the market demand gradually recovered, and achieved a relatively high growth in the first half of the year. As a highlight of the automotive market, new energy vehicles, automobile exports, and Chinese brands continue to maintain a good development trend. Among them, new energy vehicles are growing rapidly, with a market share of 28.3%; The export of automobiles has grown rapidly, exceeding 2 million vehicles in the first half of the year, making a significant contribution to the overall growth of the market; The market share of Chinese brand passenger cars has remained stable at over 50%.

1、 Double growth in automobile production and sales compared to the same period last year

In June, the production and sales of automobiles completed 2.561 million and 2.622 million units respectively, with a month on month increase of 9.8% and 10.1%, and a year-on-year increase of 2.5% and 4.8%, respectively.

From January to June, the production and sales of automobiles were 13.248 million and 13.239 million respectively, with year-on-year growth of 9.3% and 9.8%, respectively. Due to the high growth of production and sales in June last year driven by policies such as halving the purchase tax on gasoline vehicles, the cumulative growth rate of production and sales from January to June decreased by 1.8 and 1.3 percentage points compared to January May. In the first quarter, the overall car market was in a negative growth state; Since April, driven by the low base impact and multiple positive factors during the same period, the automotive market has continued to improve, with production and sales continuing to grow. In the first half of the year, it has achieved relatively high growth.

2、 The production and sales environment of passenger cars is growing rapidly

In June, the production and sales of passenger cars completed 2.219 million and 2.268 million units respectively, with a month on month increase of 10.4% and 10.6%, a year-on-year decrease of 0.9% in production and a year-on-year increase of 2.1% in sales. Among them, the domestic sales of traditional fuel passenger vehicles were 1.264 million, a decrease of 219000 compared to the same period last year, a month on month increase of 10.6%, and a year-on-year decrease of 14.7%. Due to the significant compensatory effect of production in the same period last year and a high base in the same period, the production of manufacturers decreased slightly year-on-year in June this year.

From January to June, the production and sales of passenger cars reached 11.281 million and 11.268 million units respectively, with year-on-year growth of 8.1% and 8.8%, respectively. From the performance of the passenger car market in the first half of the year, the promotion policies introduced by the country and various regions, the quarter end momentum driven by car companies, and the continuous growth of new energy vehicle sales and exports have jointly driven the dual growth of production and sales in the passenger car market in the first half of the year.

In June, the sales of high-end brand passenger cars produced domestically reached 414000 units, a month on month increase of 14.6% and a year-on-year increase of 5.2%. The addition of high-end models launched by domestic Chinese brands further promotes the development of the high-end automotive market. From January to June, the sales of high-end brand passenger cars produced domestically reached 2.033 million units, a year-on-year increase of 19.7%.

3、 Commercial vehicle production and sales increased year-on-year and month on month

In June, the production and sales of commercial vehicles completed 342000 and 355000 units respectively, with a month on month increase of 6.3% and 7.3% respectively; The year-on-year growth was 31.3% and 26.3% respectively. Among the main types of commercial vehicles, the production and sales of passenger cars and trucks have shown varying degrees of growth compared to last month, with the growth rate of passenger car production and sales being more significant; Compared to the same period last year, the production and sales of passenger cars and trucks both showed a double-digit rapid growth.

From January to June, the production and sales of commercial vehicles completed 1.967 million and 1.971 million units respectively, with year-on-year growth of 16.9% and 15.8%, respectively. Among the main types of commercial vehicles, the production and sales of passenger cars and trucks have shown double-digit growth compared to the same period last year, with the growth rate of passenger car production and sales higher than that of trucks.

4、 Continuous and rapid growth in new energy production and sales

In June, the production and sales of new energy vehicles completed 784000 and 806000 units respectively, with year-on-year growth of 32.8% and 35.2%, and a market share of 30.7%.

From January to June, the production and sales of new energy vehicles reached 3.788 million and 3.747 million respectively, with year-on-year growth of 42.4% and 44.1%, and a market share of 28.3%.