Home » China’s Automobile Industry Flourishes: Production, Value, and Retail Sales Surge in the First Half of the Year

China’s Automobile Industry Flourishes: Production, Value, and Retail Sales Surge in the First Half of the Year

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Bureau of Statistics: In the first half of the year, automobile production, added value, and retail sales all rose
Market Information Network 2023-07-17 17:24:38 Source: China Economic Net Author: Guo Yue Comments:

China’s automobile industry has shown significant growth in the first half of the year, according to data released by the National Bureau of Statistics. The report indicates that automobile production, added value, and retail sales have all increased, pointing to a thriving automotive sector.

The industrial enterprises above designated size experienced a 3.8% year-on-year growth in the added value during the first half of the year. Notably, the automobile manufacturing industry recorded an impressive increase of 13.1% in its added value. This signifies the industry’s strong performance and economic contribution.

In terms of production, the first half of the year witnessed a total of 13.103 million automobiles being manufactured, which represents a 6.1% increase compared to the same period last year. Additionally, the production of new energy vehicles saw significant growth, with 3.611 million units being produced, reflecting a growth rate of 35.0% and accounting for 27.6% of total production.

The retail sector also experienced positive growth. The total retail sales of consumer goods reached 22,758.8 billion yuan, reflecting an 8.2% year-on-year increase. Within this, the retail sales of automobiles specifically amounted to 2,240.9 billion yuan, showing a 6.8% increase.

Moreover, the second quarter of the year saw an increase in industrial capacity utilization. The national industrial capacity utilization rate rose to 74.5%, up 0.2 percentage points from the previous quarter. The capacity utilization rate for the automobile manufacturing industry specifically reached 73.3% in the second quarter, up 4.2 percentage points compared to the previous year. The first half of the year also recorded a 2 percentage point increase in the capacity utilization rate for the automobile manufacturing industry, reaching 72.7%.

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These positive figures demonstrate the resilience and growth potential of China’s automobile industry. With consistent increases in production, added value, and retail sales, the industry continues to contribute significantly to the country’s economic growth.

For more details about the data, readers can refer to the original article published by the China Economic Net: http://auto.ce.cn/auto/gundong/202307/17/t20230717_38634269.shtml.

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