China Association of Automobile Manufacturers released information shows that in February 2018, China's auto production and sales chain showed a rapid decline compared to the same period last year. In January-February, automobile production declined year-on-year, and sales volume showed a slight increase. Specific analysis is as follows:
Automobile production and sales dropped by double digits year-on-year
In February, due to the impact of the Spring Festival holiday, the overall level of automobile production and sales volume was relatively low, with a double-digit decline from the previous year and the same period of the previous year. In the same month, automobile production and sales completed 1.706 million vehicles and 1.718 million vehicles, respectively, a decrease of 36.6% and 38.9% from the previous quarter and a decrease of 20.8% and 11.1% year-on-year respectively.
In January-February, the automobile production and sales completed 4.394 million vehicles and 4.527 million vehicles, respectively. The output decreased 2.8% year-on-year, and sales volume increased 1.7% year-on-year. It was 13.9 and 7.1 percentage points lower than the same period of last year.
Passenger car production and sales drop dramatically
In February, the production and sales of passenger cars completed 1.439 million vehicles and 1.476 million vehicles, respectively, a decrease of 38.2% and 39.9% from the previous quarter, respectively, down 22.1% and 9.6% year-on-year respectively.
In January-February, the production and sales of passenger cars completed 3.77 million vehicles and 3.932 million vehicles, respectively, and their output decreased by 3.8% year-on-year, with sales volume up by 2.1% year-on-year. According to the production and sales situation of the four types of passenger cars, the SUV continues to maintain growth, while other models are showing declines. The production and sales of cars decreased by 6.6% and 0.7% respectively year-on-year; the production and sales of SUVs increased by 4.5% and 11.6% respectively; the production and sales of MPVs decreased by 16.6% and 15.3% respectively; the production and sales of crossover passenger cars decreased by 41.9% and 34.7% respectively year-on-year.
In February, sales of passenger cars with 1.6 liters and below were 1,099,000, a year-on-year decrease of 12.4%, accounting for 68.4% of sales of passenger cars, down 2.2% year-on-year. In January-February, sales of passenger vehicles with 1.6 liters and below were 2.706 million, which was a year-on-year decrease of 0.8%, accounting for 68.3% of sales of passenger cars, down 2% year-on-year. Sales of passenger cars with 1.6 liters or less of Chinese brands were 1.43 million, an increase of 2.7% year-on-year.
Commercial vehicle sales fell double-digit year-on-year
In February, due to the Spring Festival holiday, the production and sales of commercial vehicles showed a double-digit decline. The monthly production and sales volume reached 266,000 units and 242,000 units, respectively, down 13.1% and 19.2% year-on-year respectively.
In January-February, the production and sales of commercial vehicles completed 624,000 vehicles and 595,000 vehicles, respectively. The output increased by 3.8% year-on-year, and sales volume decreased by 0.7% year-on-year. Looking at the production and sales of sub-models, the production and sales of passenger cars were respectively 58,000 and 55,000, up 10.2% and 0.7% year-on-year respectively; the production and sales of trucks were completed 566,000 and 540,000 vehicles, respectively, and their production increased by 3.1% year-on-year, with sales volume down 0.8% year-on-year. Among them, the production and sales of tractor-trailers decreased by 35.5% and 29.2% respectively year-on-year.
New energy vehicles grow at a high rate year-on-year
In February, the production and sales of new energy vehicles were 39,230 and 34,420, respectively, an increase of 119.1% and 95.2% respectively year-on-year. The production and sales of pure electric vehicles completed 28,872 vehicles and 23,458 vehicles, respectively, an increase of 89.4% and 68.4% year-on-year, respectively; the production and sales of plug-in hybrid vehicles completed 10,358 vehicles and 10,962 vehicles, respectively, an increase of 288.4% and 196.4% respectively.
From January to February, new energy vehicles produced 81,855 vehicles and sold 74,667 vehicles, which was a year-on-year increase of 225.5% and 200% respectively. Among them, the production and sales of pure electric vehicles completed 56706 vehicles and 50,253 vehicles, respectively, an increase of 168.4% and 164.3% year-on-year; the production and sales of plug-in hybrid vehicles completed 25,147 and 24,414 vehicles, respectively, an increase of 524.8% and 315.4% year-on-year respectively.
For the rapid growth of new energy vehicles in January-February, the China Automotive Industry Association (AC) stressed that it should rationally view this data. The spokesperson stated that the basis for double growth is the sluggish performance of new energy vehicles due to policies and other reasons in January and February of last year, while the policy for the same period this year was relatively stable and the market performance was relatively normal.
China brand passenger car market share decline
In February 2018, a total of 699,000 passenger vehicles were sold in China, a decrease of 11.1% year-on-year, accounting for 47.4% of the total passenger car sales, which was a decrease of 0.8 percentage point from the same period of last year.
In January-February, China's branded passenger vehicles sold a total of 1.768 million passenger cars, an increase of 0.3% year-on-year, accounting for 45.0% of the total sales of passenger cars, a decrease of 0.8 percentage points from the same period of last year.
Top 10 companies grow at a slightly higher rate than the industry
In the January-February period, the sales volume of the top 10 automotive group sales totaled 4.056 million units, an increase of 1.9% year-on-year, 0.2 percentage points higher than the industry growth rate. It accounted for 89.6% of the total sales of automobiles, which was 0.2% higher than the same period of last year.
Automobile exports grow faster than the same time
In February, auto exports fell month-on-month and increased year-on-year. In the same month, automobile manufacturers exported 56,000 vehicles, a decrease of 29.5% from the previous month and a year-on-year increase of 11.9%, maintaining a rapid growth.
In January-February, auto companies exported 135,000 vehicles, an increase of 25% over the same period.
According to the consolidation of customs data, in January 2018, a total of 94,000 vehicles were imported, representing an increase of 18.9% over the same period of the previous year; the total vehicle exports were 80,000, an increase of 8.4% over the same period of the previous year.
(Source: China Automotive Industry Association)
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