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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...

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12 Oct 2021, 18:27 IST
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 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.

Near-term outlook

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.

 

12 Oct 2021, 18:27 IST

 

 

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