Economic operation of China's automobile industry in February 2022

In February 2022, China's automobile production and sales maintained stable growth year-on-year. The production and sales of new energy vehicles continued to maintain rapid growth, and the market penetration reached 17.9% from January to February 2022.

1. Automobile sales increased by 18.7% year-on-year in February

In February, China's automobile production and sales reached 1.813 million and 1.737 million respectively, decreased 25.2% and 31.4% month-on-month, with a year-on-year increase of 20.6% and 18.7% respectively.

From January to February, China's automobile production and sales completed 4.235 million and 4.268 million respectively, with a year-on-year increase of 8.8% and 7.5% respectively, an increase of 7.4 percentage points and 6.6 percentage points respectively over January.

1) Passenger vehicles sales increased by 27.8% year-on-year in February

In February, the production and sales of passenger vehicles were 1.534 million and 1.487 million respectively, with a year-on-year increase of 32.0% and 27.8% respectively. In terms of models, the production and sales of cars were 704,000 and 687,000 respectively, with a year-on-year increase of 29.6% and 28.4% respectively; the production and sales of SUVs were 756,000 and 734,000 respectively, with a year-on-year increase of 36.6% and 29.6% respectively; the production of MPV was 49,000, with a year-on-year decrease of 1.0%, and the sales of 52,000, with a year-on-year increase of 12.9%; the production of crossover passenger vehicles was 26,000, with a year-on-year increase of 54.6%, and the sales of 15,000, with a year-on-year decrease of 9.5%.

From January to February, the production and sales of passenger vehicles were 3.612 million and 3.674 million respectively, with a year-on-year increase of 17.6% and 14.4% respectively. In terms of models, the production and sales of cars were 1.666 million and 1.705 million respectively, with a year-on-year increase of 15.8% and 12.8% respectively; the production and sales of SUVs reached 1.762 million and 1.79 million respectively, with a year-on-year increase of 20.7% and 16.4% respectively; the production of 126,000 MPVS was completed, with a year-on-year decrease of 4.9%, and the sales of 133,000 MPVS was completed, with a year-on-year increase of 3.8%; the production and sales of cross passenger vehicles were 57,000 and 45,000 respectively, with a year-on-year increase of 39.5% and 35.2% respectively.

2) The sales of commercial vehicles decreased by 16.6% year-on-year in February,

In February, the production and sales of commercial vehicles were 279,000 and 250,000 respectively, with a year-on-year decrease of 18.3% and 16.6% respectively. In terms of models, the production and sales of trucks were 254,000 and 227,000 respectively, with a year-on-year decrease of 19.4% and 17.8% respectively; the production and sales of passenger vehicles were 25,000 and 23,000 respectively, with a year-on-year decrease of 5.3% and 3.6% respectively.

From January to February, the production and sales of commercial vehicles were 624,000 and 594,000 respectively, with a year-on-year decrease of 24.0% and 21.7% respectively. In terms of models, the production and sales of trucks were 570,000 and 540,000 respectively, with a year-on-year decrease of 25.0% and 22.7% respectively; the production and sales of passenger vehicles were 54,000, a year-on-year decrease of 10.8% and 10.9% respectively.

2. The sales of new energy vehicles increased by 1.8 times year-on-year in February

In February, the production and sales of new energy vehicles were 368,000 and 334,000 respectively, with a year-on-year increase of 2.0 times and 1.8 times respectively, and the market penetration rate was 19.2%. In terms of models, the production and sales of pure electric vehicles were 285,000 and 258,000 respectively, with a year-on-year increase of 1.7 times and 1.6 times respectively; The production and sales of plug-in hybrid electric vehicles were 83,000 and 75,000 respectively, with a year-on-year increase of 4.1 times and 3.4 times respectively; The production and sales of fuel cell vehicles were 213 and 178 respectively, with a year-on-year increase of 7.5 times and 5.4 times respectively.

From January to February, the production and sales of new energy vehicles were 820,000 and 765,000 respectively, with a year-on-year increase of 1.6 times and 1.5 times respectively, and the market penetration rate was 17.9%. In terms of models, the production and sales of pure electric vehicles were 652,000 and 604,000 respectively, with a year-on-year increase of 1.4 times; the production and sales of plug-in hybrid electric vehicles were 168,000 and 160,000 respectively, with a year-on-year increase of 2.8 times and 2.5 times respectively; the production and sales of fuel cell vehicles were 356 and 371 respectively, with a year-on-year increase of 5.0 times and 3.1 times respectively.

3. Automobile exports increased by 60.8% year-on-year in February,

In February, China exported 180,000 complete vehicles, a year-on-year increase of 60.8%. In terms of models, the export of passenger vehicles was 146,000, a year-on-year increase of 72.3%; the export of commercial vehicles was 34,000, a year-on-year increase of 25.4%. the export of new energy vehicles was 48,000, a year-on-year increase of 2.7 times.

From January to February, China exported 412,000 complete vehicles, a year-on-year increase of 75.0%. In terms of models, the export of passenger vehicles was 331,000, a year-on-year increase of 84.0%; the export of commercial vehicles was 81,000, with a year-on-year increase of 45.7%. The export of new energy vehicles was 104,000, a year-on-year increase of 3.8 times.

(Note: the above data were from China Association of Automobile Manufacturers)

Translated by; WONDEE Autoparts

2022/5/11