Sales and production of automobiles throughout China during February increased by 13.5% and 11.9% on year respectively, according to the latest data released by the China Association of Automobile Manufacturers (CAAM) on March 10.
Compared with January, last month’s total vehicle sales jumped by 19.8% on month to 1.98 million units, while output also soared, surging by 27.5% on month to 2.03 million units, CAAM’s data showed.
Accounting for the on-year rise last month was mainly the low base of last year, as the Chinese New Year (CNY) holiday in 2022 fell in February, while in 2023, CNY holiday was in January. In addition, the stimulus policies launched by local governments also supported the sales of automobiles, CAAM said.
Over January-February, China’s total vehicle sales declined by 14.5% on year to 3.63 million units, while output slipped by 15.2% on year to 3.63 million units, according to the data.
Last month in the NEV sector, electric cars accounted for the largest share in terms of sales and production, with the former surging by 43.9% on year to 376,000 units and the latter by 35.2% on year to 389,000 units. In the first two months of 2023, sales of electric cars increased by 8.4% on year to 662,000 units, while their production rose by 4.3% on year to reach 688,000 million units.
Meanwhile, during February China’s auto exports surged by 82.2% on year to 329,000 units. Over January-February, China’s total auto exports grew by 52.9% on year to 630,000 units.
Written by Villanelle Xia, xiayi@mysteel.com
Edited by Zhenqi Yang, yangzhenqi@mysteel.com
Note: This article has been written in accordance with an article exchange agreement between Mysteel Global and SteelMint.
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