Brief analysis of the economic operation of the auto industry in August 2020

1. Overview of overall operation

In August 2020, my country has continued to achieve positive results in the overall promotion of epidemic prevention and control and economic and social development. The national economy has maintained a stable recovery trend, production and supply has accelerated recovery, market demand has gradually recovered, employment prices have generally stabilized, new momentum has grown, and the market Confidence tends to increase. In this context, the auto industry has recovered and continued to improve, and production and sales continued to grow during the month.

Judging from specific data, auto sales continued to maintain a double-digit growth that month, and the cumulative decline in auto production and sales has narrowed to less than 10%. Driven by trucks, commercial vehicles have continued to grow rapidly, contributing more to the overall automotive market than passenger cars. Both the production and sales of commercial vehicles and trucks have reached new historical highs in August; sales of passenger vehicles have continued to grow this month. The growth of the overall automobile market also played a supporting role. It is worth mentioning that new energy vehicles continued to grow this month, and their monthly production and sales also broke the historical record of August.

From the perspective of the industry development trend, commercial vehicles will continue to maintain a good growth trend driven by policies and investment; in terms of passenger vehicles, the recent government departments’ activities such as the consumption promotion month and new energy vehicles to the countryside, as well as the promotion of consumption in various places Policies will effectively boost people’s consumer confidence. At the same time, the Beijing International Auto Show, which opens in late September, will promote the full launch of new products by enterprises, superimposing the demand for self-driving tours brought by the Mid-Autumn Festival and the National Day holiday. These will also further boost car consumption and thus Increase the enthusiasm of the "Golden Nine Silver Ten" consumption season. However, it is worth noting that the current product structure on the market is changing. Mid-to-high-end products continue to grow. It will take some time for domestic consumer confidence to fully recover, affecting the demand for low-end products.

2. Auto industry operation in August 2020:

l  Auto production and sales in the month increased year-on-year for 5 consecutive months

In August, the production and sales of automobiles completed 2.119 million and 2.186 million respectively, with production down 3.7% month-on-month, sales up 3.5% month-on-month, and up 6.3% and 11.6% year-on-year. Production and sales have shown growth for five consecutive months, and sales have maintained a growth rate of more than 10% for four consecutive months.

    From January to August, the production and sales of automobiles were 14.432 million and 14.551 million respectively, a year-on-year decrease of 9.6% and 9.7%, respectively. The decline continued to narrow by 2.2 and 3 percentage points from January to July.

l  The monthly output of passenger cars dropped slightly year-on-year, and sales continued to grow

In August, the production and sales of passenger vehicles were 1.694 million and 1.755 million, with output down 0.1% year-on-year and sales volume up 6.0% year-on-year. Among the production data, sedans and MPVs declined year-on-year, while SUVs and crossover passenger vehicles maintained growth; the four types of models in sales data maintained growth.

    Judging from the cumulative data, from January to August, the production and sales of passenger vehicles were 11.176 million and 11.288 million, down 15.5% and 15.4% year-on-year, respectively. The decline continued to narrow by 2.3 and 3 percentage points from January to July. In terms of vehicle types, SUVs and crossover passenger vehicles were better than the overall level. The production and sales of sedans decreased by 19.5% and 18.8% year-on-year; SUV production and sales decreased by 7.8% and 8.7% year-on-year; MPV production and sales decreased by 38.3% and 35.8% year-on-year. ; Cross-type passenger vehicle production and sales fell 12.1% and 11.9% year-on-year respectively.

l  The production and sales of commercial vehicles in the month continued to grow significantly year-on-year

In August, the production and sales of commercial vehicles were 425,000 and 431,000, down 10% and 3.5% month-on-month, and up 42.8% and 41.6% year-on-year. Among them, passenger cars continued to show a decline, but the decline was significantly narrowed; trucks continued to maintain rapid growth, with production and sales of 390,000 and 396,000 respectively, the growth rate was close to 50%, and both production and sales broke the historical record of truck production and sales in August. This supported the production and sales of commercial vehicles this month and also set a new historical record in August. In terms of truck types, light trucks and heavy trucks contributed the most to the growth.

    Judging from the cumulative data, from January to August, the production and sales of commercial vehicles were 3.256 million and 3.263 million, an increase of 19.3% and 17.3% year-on-year, and the growth rate continued to expand by 2.9 and 3 percentage points from January to July. In terms of the production and sales of different models, the production and sales of passenger cars decreased by 10.4% and 12.5% year-on-year; the production and sales of trucks increased by 22.7% and 20.7% year-on-year.

l  Production and sales of new energy vehicles in the month maintained year-on-year growth

In August, the production and sales of new energy vehicles were 106,000 and 109,000, respectively, up 17.7% and 25.8% year-on-year. With the support of new energy going to the countryside and local governments' support for the consumption of new energy vehicles, the scale of the new energy vehicle market has risen steadily. This month, the production and sales of new energy vehicles set a new record in August. From the perspective of the breakdown of energy types, the production and sales of pure electric vehicles were 82,000 and 88,000, an increase of 7.6% and 25.6% year-on-year; the production and sales of plug-in hybrid vehicles were 24,000 and 21,000, respectively. Increased by 73.0% and 26.1%; the production and sales of fuel cell vehicles were 97 and 121, respectively, an increase of 438.9% and 536.8% year-on-year.

From January to August, the production and sales of new energy vehicles were 602,000 and 596,000, a year-on-year decrease of 26.2% and 26.4%, respectively. The rate of decline was 5.5 and 6.4 percentage points lower than that from January to July. The production and sales of pure electric vehicles were 461,000 and 466,000, down 30.2% and 27.8% year-on-year; the production and sales of plug-in hybrid vehicles were 141,000 and 129,000, down 9.3% and 20.8% respectively; The production and sales of fuel cell vehicles were 567 and 578, down 52.3% and 48.6% year-on-year respectively.