China Automobile Industry Sees Record High in Production and Sales for 2021
Data released by the China Association of Automobile Manufacturers (CAAM) on December 11th revealed that November saw a significant increase in both automobile production and sales in China. The country’s automobile production and sales hit 3.093 million units and 2.97 million units respectively, marking a 7% and 4.1% increase from the previous month and a 29.4% and 27.4% increase year-on-year, respectively. Notably, the production and sales of new energy vehicles also experienced substantial growth, reaching 1.074 million and 1.026 million units respectively, representing a 39.2% and 30% year-on-year increase.
CAAM attributed the robust performance of the automobile market to continued strong demand for passenger cars, particularly due to events like the “Double 11” promotion, which further fueled car purchasing. Passenger cars saw a 25.6% and 25.3% year-on-year increase in production and sales, while commercial vehicles also experienced rapid growth, with a 64.9% and 44.6% year-on-year increase. Additionally, the production and sales of new energy vehicles broke records, with their market share hitting 30.8%.
From January to November, the market share of Chinese brand passenger cars increased by 6.6 percentage points, reaching 55.8%. Domestically produced high-end brand passenger cars witnessed a 14.2% year-on-year sales increase, further solidifying the dominance of Chinese automobile brands in the market.
On the export front, the export volume of passenger vehicles saw a notable 65.1% year-on-year increase, while the export volume of commercial vehicles also experienced a 29.8% year-on-year increase. The export volume of traditional fuel vehicles and new energy vehicles surged by 51.5% and 83.5% year-on-year, respectively.
In terms of corporate performance, some of the top ten complete vehicle exporters, such as BYD and Chery, experienced significant growth rates, with BYD achieving a year-on-year increase of 3.6 times in exported vehicles and Chery boasting a 1.1 times increase.
Looking ahead, the China Association of Automobile Manufacturers foresees that the year will end on a high note, with a strong “end-of-year sprint” from enterprises, resulting in an anticipated record high in annual automobile production and sales. The association anticipates that the continued effects of policies, auto shows, and promotional activities will drive this trend.
The overall picture of the Chinese automobile industry remains bright, with robust growth observed across all segments, suggesting a promising outlook for the future. (Editor: Wen Jing)