In February, sales of automobiles throughout China grew on year for the second month by another 18.7%, the latest data released by the China Association of Automobile Manufacturers (CAAM) published on March 11 showed. Production also increased on year for the third month by 20.6%.
Compared with January, total vehicle sales last month slumped by 31.4% on month to 1.74 million units, while output totaled 1.81 million units, dropping by 25.2% on month.
The central government took measures to reduce taxes domestic enterprises, and massive capital works throughout the country came into operation in the first quarter, both of which have propelled the economy to grow, CAAM said. Consequently, the auto market is seen growing steadily this quarter.
However, the shortage of semiconductors and high production costs are still impacting the normal operations of automakers, it said.
Last month within the new-energy vehicle (NEV) sector, electric cars performed the best in both sales and production, with the former surging 160% on year to 258,000 units and the latter rocketing 170% on year to 285,000 units. In the first two months of 2022, the sales of electric cars amounted to 604,000 units while the production of these cars totaled 652,000 units, both up by 140% on year, the survey showed.
In February, China’s auto exports soared 60.8% on year to 180,000 units, though this was down by 21.9% on month. Among the total, exports of passenger cars were higher by 72.3% on year at 146,000 units. Over January-February, total vehicle exports added up to 412,000 units, jumping 75% on year, according to the data.
Written by Villanelle Xia, xiayi@mysteel.com
This article has been published under an article exchange agreement between Mysteel Global and SteelMint.
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