China's Auto Sales and Production Reach 1.83 Million Units in First 7 Months, New Energy Vehicles Account for 45%
August 11th, China Automotive Industry Association (hereinafter referred to as "CAIA") released the latest data showing that from January to July, China's auto sales and production reached 1.83 million units and 1.8269 million units respectively, with a year-on-year increase of 12.7% and 12%. In July alone, China's auto sales and production reached 259.1 million units and 259.3 million units respectively, down 7.3% and 10.7% from the previous month, but up 13.3% and 14.7% year-on-year.
Source: CAIA
The reason for the decline in July's auto sales and production is that the market entered its traditional off-season, with some manufacturers conducting annual equipment inspections, which slowed down production and sales. However, from a macroeconomic perspective, the "Replace Old with New" policy has continued to show positive results, with the industry undergoing comprehensive regulation and rectification, helping to stabilize the auto market.
CAIA's Vice Secretary-General Chen Shihua explained that China's auto market maintained a 12% growth rate in the first seven months, indicating that the entire automotive industry has played a crucial role in promoting consumption and driving economic growth.
Chinese-branded passenger cars accounted for 70.1% of total sales
In July, the "Replace Old with New" policy continued to show positive results, with Chinese brands maintaining their market share and new models being continuously launched. According to CAIA data, China's auto sales reached 229.3 million units and 228.7 million units respectively, up 13% and 14.7% year-on-year.
Chinese-branded passenger cars accounted for 70.1% of total sales, a growth rate of 21.3% over the previous month. Among major foreign brands, only French brands saw a two-digit increase in sales, while other major foreign brands saw varying degrees of decline.
Source: CAIA
From January to July, Chinese-branded passenger cars accounted for 108.73 million units and 68.6% of total sales, up 24.4% year-on-year.
According to CAIA data, commercial vehicle production reached 29.8 million units and 30.6 million units respectively in July, down 15.8% and 17.1% from the previous month, but up 16.3% and 14.1% year-on-year.
Among commercial vehicles, truck production reached 25.4 million units and 26.4 million units respectively in July, down 16.3% and 16.4% from the previous month, but up 15.1% and 13.8% year-on-year.
From January to July, commercial vehicle production reached 239.7 million units and 242.8 million units respectively, up 6% and 3.9% year-on-year.
New energy vehicles become the driving force behind export growth
As the main driver of auto sales growth, new energy vehicles continued their rapid growth trend in July. According to CAIA data, China's new energy vehicle production and sales reached 124.3 million units and 126.2 million units respectively, up 26.3% and 27.4% year-on-year.
In July, new energy vehicles accounted for 48.7% of total auto sales, with domestic sales accounting for 51.4%, the highest level since last December.
Source: CAIA
From January to July, China's new energy vehicle production and sales reached 823.2 million units and 822 million units respectively, up 39.2% and 38.5% year-on-year.
Among the top 15 new energy vehicle producers, BYD, Geely, SAIC, Changan, and Dongfeng accounted for 64% of total sales.
New energy vehicles have become a key driver behind China's auto export growth. According to CAIA data, from January to July, China's auto exports reached 368 million units, up 12.8% year-on-year. Among them, new energy vehicle exports accounted for 130.8 million units, up 84.6% year-on-year.
Source: CAIA
Looking ahead to the second half of the year, CAIA emphasizes that the automotive industry still needs stable policy expectations, regulated market competition, strengthened self-regulation, and policy guidance and supervision to ensure a healthy and stable development.
Daily Economic News