The recovery of China’s automobile market has stabilized, the sales of new cars have increased strongly for two consecutive months, and the domestic demand for plastic raw materials has begun to warm up and increase.
China’s automobile market is booming day by day. The China Automobile Industry Association announced in Beijing on the 11th that in July, manufacturers sold 2.42 million vehicles to dealers nationwide, an increase of nearly 30% year on year. For passenger cars and small multipurpose vehicles, the year-on-year growth rate was about 40%, reaching 2.17 million.
The largest increase was in the sales of electric vehicles, which more than doubled to 593000. In terms of exports, automakers achieved a record high value in a single month.
According to the report, China is the world’s largest automobile market and the most important single market for German automakers such as Volkswagen (including Audi and Porsche), BMW and Mercedes. For a long time, the Chinese market has been short of the strong growth before. Recently, the shortage of chips and the regional COVID-19 epidemic have especially put pressure on the automobile production and sales data.
However, the market is now warming up again in terms of terminal demand. According to the data released by the China passenger vehicle market information joint conference, in July, dealers delivered 1.84 million vehicles to end customers, with a year-on-year increase of more than 20%, and it was the second consecutive month of growth.
Relevant departments have recently stimulated the market through, for example, purchase incentives for low emission vehicles. Dealers also bought more cars from manufacturers in July, which may indicate that the recovery is stabilizing.
According to a report on the website of Japan economic news on August 12, the sales volume of new cars in China increased by 30% in July, and tax reduction became the east wind.
According to the data released by the China Association of automobile industry on the 11th, the sales of new cars in July increased by 29.7% year-on-year to 2.42 million. It was higher than the previous year for two consecutive months. After the lifting of the blockade in Shanghai, production and sales recovered, and the measure of halving the purchase tax of passenger vehicles launched in June also became a Dongfeng.
It is reported that the growth rate in July was higher than that in June (23.8%). At a press conference held on the 11th, a relevant person of the China Association of automobile industry said that “the policy of promoting consumption continues to make efforts, and the consumer demand for passenger cars continues to recover”. Passenger cars, which accounted for the majority of new car sales, increased by 40% to 2.17 million. The number of commercial vehicles decreased by 21.5% to 240000, but it was improved from the decrease in June (37.4%).
New energy vehicles such as pure electric vehicles (EV) remained strong, increasing to 590000, 2.2 times that of July last year. The cumulative sales volume in the first seven months of this year also increased to 3.19 million units, 2.2 times that of the same period of the previous year. China’s passenger vehicle industry groups predict that the annual sales volume will reach 6.5 million in 2022, and it is expected to continue to grow in the future.
From the sales volume of various enterprises in July, the sales volume of Geely Automobile, which focuses on China to expand its business, increased by 20%, and the sales volume of Japanese cars such as Toyota, Honda and Nissan were also higher than that of the previous year. The number of BYD involved in new energy vehicles increased to 160000, 2.8 times, and the highest sales volume in history for five consecutive months.
China’s cumulative automobile sales in the first seven months of this year reached 14.47 million. An official of the China Association of automobile industry said that the accumulated sales volume in the first eight months of this year may be higher than that in the same period of last year. For the sales volume of the whole year of 2022, the expectation of “3% increase over 2021 and 27 million vehicles” proposed in June was maintained.
Post time: Sep-06-2022