China: Automobile production falls by nearly 9%, y-o-y, in Oct'21
Jan-Oct’21 NEV output rises over 175%, y-o-y Average monthly production was 2.8 million units in Nov-Dec’20 As per data published by the China Association...
- Jan-Oct'21 NEV output rises over 175%, y-o-y
- Average monthly production was 2.8 million units in Nov-Dec'20
As per data published by the China Association of Automobile Manufacturers (CAAM), production and sales of automobiles stood at 2.33 million and 2.333 million, respectively, in Oct'21. While auto production increased by 12.2% compared to Sep, sales inched up 12.8%, m-o-m.
However, automobile production and sales decreased by 8.8% and 9.4%, respectively, on a y-o-y basis. Compared with the same period in 2019, production and sales increased by 1.4% and 1.5%, respectively. Interestingly, Aug and Sep figures this year were below the level of 2019, indicating that the tight supply situation has eased somewhat.
The average monthly sales volume in Nov-Dec'20 was 2.8 million units, which was high. Considering the fact that shortage of chips still exists, the pressure will be greater in the next two months.
Production and sales of automobiles were recorded at 20.587 million and 20.970 million in the Jan-Oct'21 period - up 5.4% and 6.4%, respectively, on a y-o-y basis. The growth rate continued to drop by 2.1 and 2.3 percentage points from Jan-Sep. Compared with the same period in 2019, production and sales increased by 0.6% and 1.4%, respectively.
Segment-wise sales, exports
Out of total sales of 2.333 million units in Oct this year, passenger car sales stood at 2.007 million units. Total passenger car sales in the Jan-Oct period were 16.871 million units, up 8.8% on the year.
Moreover, 326,000 units of commercial vehicles were sold in Oct and total sales in Jan-Oct were 4.099 million units, down 2.5% compared to the same period last year.
Importantly, new energy vehicle (NEV) sales stood at 383,000 units in Oct and cumulative sales were 2.542 million units in Jan-Oct, an increase of 176.6% on a y-o-y basis. This shows that China's 'dual carbon' policy is already showing positive results.
On the other hand, Chinese brand passenger vehicles sales were recorded at 952,000 units in Oct and 7.387 million units in the Jan-Oct period - an increase of 28.1%.
Exports, too, show healthy growth. Automobile exports in Oct stood at 231,000 vehicles and the total export volume in Jan-Oct was 1.594 million units, an increase of 118.8% on the year.