Source: Huaqiang Microelectronics Author: June
Introduction: Recently, the latest data released by the China Automobile Association showed that in October, China’s automobile production and sales completed 2.5992 million and 2.505 million respectively, down 2.7% and 4% month on month, and up 11.1% and 6.9% year on year. Among them, the domestic production and sales of new energy vehicles and automobile exports in October reached a record high, continuing to drive the steady growth of China’s automobile production and sales.
As the main driving force of the domestic car market, the production and sales of new energy vehicles in China continue to hit a record high. According to the data of China Automobile Association, 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%.
By category, the year-on-year growth rate of production and sales of plug-in hybrid vehicles (hereinafter referred to as plug-in hybrid vehicles) in October was far higher than that of pure electric vehicles. In October, the production and sales of domestic pure electric vehicles were 581000 and 541000, up 71.9% and 66.6% year on year respectively; The production and sales of plug-in hybrid vehicles were 181000 and 172000, respectively, with a year-on-year growth of 1.6 times and 1.5 times.
From January to October, the production and sales of new energy vehicles in China reached 5.485 million and 5.28 million respectively, with a year-on-year growth of 1.1 times and a market share of 24%. Among the main varieties of new energy vehicles, compared with the same period last year, the production and sales of pure electric vehicles, plug-in hybrid vehicles and fuel cell vehicles continued to maintain a rapid growth.
Among the top ten enterprises in terms of sales of new energy vehicles in China from January to October released by the China Automobile Association, BYD ranked first with a cumulative sales of 1.396 million vehicles, followed by SAIC Group with a cumulative sales of 791000 vehicles, and Tesla with a cumulative sales of 555000 vehicles ranked third.
In the first 10 months of this year, the total sales volume of the top 10 domestic new energy vehicle sales companies reached 4.34 million, a 1.2 times year-on-year growth, accounting for 82.2% of the total sales volume of new energy vehicles, 5.4 percentage points higher than the same period of last year. It is reported that the sales volume of new energy vehicles in China will exceed 6.5 million in the whole year from the perspective of the overall high growth trend of new energy vehicles in China.
As another driving force for the steady growth of China’s automobile production and sales, automobile exports hit a new record high in October. In October, the export of auto enterprises reached 337000, up 12.3% month on month and 46% year on year.
In fact, since last year, the export volume of China’s automobile enterprises has shown a rapid growth trend. In August and September of this year, the export volume of China’s automobile enterprises has broken through the 300000 vehicle barrier, reaching 308000 vehicles and 301000 vehicles respectively.
From January to October, automobile enterprises exported 2.456 million vehicles, a year-on-year increase of 54.1%, exceeding the expectation of 2.4 million vehicles exported by the Association in August this year. From the outside world’s perspective, China’s independent brand export has entered a new stage of accelerated development. It is reported that the domestic automobile export is expected to reach 3 million vehicles this year.
For the expectation of domestic automobile development trend in 2023, CAAC believes that there is great uncertainty. “Because it is not clear whether the preferential policy for purchase tax of traditional fuel vehicles will continue next year, and the subsidy for new energy vehicles will be withdrawn, the price of superimposed power battery raw materials will rise significantly, so enterprises have uncertainty about market expectations, which increases the difficulty in formulating production and operation plans for next year.” Next, it is urgent for the relevant national authorities to give guidance at the macro level, and the relevant policies should be clarified as soon as possible.
Looking back on May 31 of this year, the Ministry of CZ and the State Administration of Taxation issued the Announcement on Reducing the Purchase Tax on Some Passenger Cars, which proposed that the purchase tax on passenger cars with a displacement of 2.0 liters or less, whose purchase date is from June 1 to December 31, 2022 and whose single vehicle price (excluding VAT) does not exceed 300000 yuan, should be halved.
According to the latest data of the State Administration of Taxation, from June to August this year, about 3.553 million vehicles nationwide enjoyed the vehicle purchase tax reduction policy, with a cumulative reduction of 23.04 billion yuan, and an average reduction of 250 million yuan per day.
The passenger car market has maintained a rapid growth trend 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. “The growth of the domestic automobile market this year is mainly driven by policies.” Chen Shihua, deputy secretary-general of the China Association of Automobile Manufacturers, stressed.
Contrary to the high growth trend of the passenger car market, the domestic commercial vehicle market continues to hover at a low level.
Post time: Nov-16-2022