China: Automobile production drops 18% y-o-y in Sept'21
Automobile production in China dropped by 18% y-o-y in Sept’21. Last month, Chinese automakers produced about 2.077 million units of vehicles, according to latest d...
Automobile production in China dropped by 18% y-o-y in Sept'21. Last month, Chinese automakers produced about 2.077 million units of vehicles, according to latest data released by the China Association of Automobile Manufacturers (CAAM).
Persistent global semi-conductor (chip) supply shortage resulted in a decline in auto production and its sales. The yearly decline in automobile production in September was 0.8% lower than that recorded in Aug'21. In comparison to Sept'19, production decreased by 6.1% y-o-y.
On a monthly basis, China's automobile production increased by 20.4% in Sept'21 compared to the previous month.
Auto sales down 20% y-o-y in Sept'21
China's automobile sales were recorded at 2.067 million units in Sept'21, a decrease of 20% compared to the corresponding month last year. The y-o-ydecline in Sept'21 auto sales was higher by 1.8% compared to that recorded in Aug'21.
Auto sales fell by 9.1% y-o-y compared to Sept'19, as per reports.
On an m-o-m basis, auto sales rose by 15% compared to Aug'21, according to official data.
Break-up of overall auto sales in September-:
- Passenger cars: 1.75 million units, down 16.5% y-o-y.
- Commercial vehicles: 317,000 units, down 33.6% y-o-y.
- New energy vehicles: 357,000 units, up 148.4% y-o-y.
- Chinese brand passenger vehicles: 821,000 units, up 3.7% y-o-y.
- Automobile exports: 173,000 units, up 74% y-o-y.
Auto production, sales up y-o-y in Jan-Sept'21
The cumulative figures of automobile production in China amounted to 18.243 million units in the first nine months of CY'21 (Jan-Sept'21), an increase of 7.5% y-o-y. Meanwhile, auto sales in China totalled 18.623 million units in Jan-Sept'21, up 8.7% y-o-y.
However, the growth rate of both auto production and sales continued to drop by 4.4% and 5% compared to Jan-Aug'21.
Compared with the same period in CY'19, China's auto production and sales showed an uptick of 0.4% and 1.3% y-o-y while the growth rate was 0.9% and 1.4% lower than that from Jan-Aug'20, respectively.
The chip supply shortage is expected to continue in the near-term which will likely keep the auto manufacturing business under pressure. This is ultimately going to lower the production and sales figures in the coming months, SteelMint notes.