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Automotive Industry:China: Difference between revisions
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=== Developments === | |||
April 10,2023: Sales of passenger vehicles rose by 14.3% in March from February and 0.3% year-on-year. In Q1 2023, passenger car sales declined 12.4% year-on-year to 4.3 million units. New energy vehicle sales lead the trend with a growth of 21.9% in March year on year to 543,000 units(March 2022: +28.1%)<ref>https://www.yicaiglobal.com/news/china-passenger-car-sales-slow-in-march-due-to-weak-demand-inconsistent-pricing</ref>. Cui Dongshu, the association's secretary general said that April will definitely see a strong recovery in sales growth while citing that last year base period was weak<ref>https://www.reuters.com/business/autos-transportation/chinas-car-sales-stay-flat-march-amid-price-war-cpca-2023-04-10/</ref>. | |||
February 3, 2023: Following the end of state subsidies, full week of Lunar celebration in January and price rises by some automakers, retail auto sales totalled 985,000(-45% y/y) in January, 43% less than a month earlier, according to the China Passenger Car Association (CPCA). Sales of new-energy vehicles (NEVs) declined 1% y/y to 304,000 units, down 43% from December<ref>https://www.caixinglobal.com/2023-02-03/chinas-january-auto-sales-plunge-45-101994232.html</ref>. | |||
=== 2023 Projections === | |||
The Chinese car market association predicts the Chinese car market to increase by 3% y/y in 2023 with NEVs growing 35% to 9 million and taking market share from combustion engines<ref>https://www.globaltimes.cn/page/202302/1285181.shtml</ref><ref>https://www.reuters.com/business/autos-transportation/china-car-sales-plunge-38-january-subsidies-tax-cut-end-2023-02-08/</ref>. | |||