Operation status of automotive industry in March 2023

In the first quarter, the automotive industry entered a period of promotion policy switching. The withdrawal of traditional fuel vehicle purchase tax incentives and the end of subsidies for new energy vehicles caused early consumption at the end of last year. The related continuation policies are still unclear. The price reduction of new energy since the beginning of the year and the promotion wave since March have also caused fluctuations in the end market, and the overall economic operation of the automotive industry is facing significant pressure. It should also be noted that the highlights of the car market last year were continued in the first quarter of this year, and new energy vehicles continued to maintain rapid growth on a high base basis during the same period, with a market share of 26.1%; Automobile exports remain at a relatively high level, with a year-on-year increase of 70.6% in the first quarter of the year; The share of Chinese brands has steadily increased. With the continuous recovery of China's economy, the construction of infrastructure projects has begun one after another, and the continued good performance of overseas exports, the commercial vehicle market has shown signs of recovery.

1、 Rapid growth in automobile production and sales

In March, the production and sales of automobiles completed 2.584 million and 2.451 million units respectively, with a month on month increase of 27.2% and 24%, and a year-on-year increase of 15.3% and 9.7%, respectively.

From January to March, the production and sales of automobiles completed 6.21 million and 6.076 million units respectively, a year-on-year decrease of 4.3% and 6.7%, with a slight decrease compared to the same period. Overall, the domestic effective demand of the automobile market has not been fully released.

2、 Rapid growth in passenger car production and sales

In March, the production and sales of passenger cars reached 2.149 million and 2.017 million, respectively, with a month on month increase of 25.3% and 22%, and a year-on-year increase of 14.3% and 8.2%, respectively. Among them, the domestic sales of traditional fuel passenger vehicles reached 1.169 million units, a decrease of 128000 units compared to the same period last year, a month on month increase of 21.3%, and a year-on-year decrease of 9.9%.

From January to March, the production and sales of passenger cars reached 5.262 million and 5.138 million, respectively, a year-on-year decrease of 4.3% and 7.3%.

In March, the sales of high-end brand passenger cars produced domestically reached 355000 units, an increase of 16.8% month on month and 31.3% year on year. The year-on-year growth rate exceeded the passenger car market by 23.1 percentage points. From January to March, the sales of high-end brand passenger cars produced domestically reached 943000 units, a year-on-year increase of 2.4%.

3、 Commercial vehicle production and sales increased year-on-year and month on month

In March, the production and sales of commercial vehicles reached 434000 units, an increase of 37.1% and 34.2% respectively month on month; The year-on-year growth rate was 20.4% and 17.3% respectively. In March, commercial vehicles continued the trend of year-on-year and month on month growth in production and sales in February. Among the main varieties of commercial vehicles, the production and sales of passenger cars and trucks showed significant year-on-year growth.

From January to March, the production and sales of commercial vehicles completed 948000 and 938000 units respectively, a year-on-year decrease of 3.9% and 2.9%. Among the main types of commercial vehicles, the production and sales of passenger cars have significantly increased compared to the same period last year, while the production and sales of trucks have slightly decreased.

4、 Continuous year-on-year growth in new energy production and sales

In March, the production and sales of new energy vehicles completed 674000 and 653000 units respectively, with year-on-year growth of 44.8% and 34.8%, and a market share of 26.6%.

From January to March, the production and sales of new energy vehicles reached 1.65 million and 1.586 million respectively, with year-on-year growth of 27.7% and 26.2%, and a market share of 26.1%.