According to the statistical analysis of China Association of Automobile Manufacturers (CAAM), in 2023, a number of economic indicators of China's automobile industry hit record highs, with annual production sales volume reaching 30.094 million units, which was the world's No. 1 for fifteen consecutive years, ushering in a new milestone in the history of China's automobile industry development.
In 2023, double-digit growth was achieved for the whole year. Passenger car market performed well, with faster growth in production sales; commercial vehicle market stabilized rebounded; new energy vehicles similarly led the global market; marking the remarkable achievements of China's auto industry in its transformation to electrification intelligence, the recognition of global consumers, which accelerated the process of change in the global auto industry.
According to the Ministry of Industry Information Technology (MIIT) Industry Association, automobile production sales are expected to reach 31 million units in 2024, with a small year-on-year increase of about 3%. New energy vehicle production sales will also reach a scale of about 11.5 million units, with a growth of roughly 20%.
In December 2023, automobile production sales accomplished 3.079 million units 3.156 million units respectively, with production declining by 0.5% sales increasing by 6.3% year-on-year, increasing by 29.2% 23.5% year-on-year respectively.
For the whole year of 2023, the production sales of automobiles completed 30.161 million units 30.094 million units respectively, with year-on-year growth of 11.6% 12%, compared with the previous year, the growth rate of production increased by 8.2 percentage points the growth rate of sales increased by 9.9 percentage points.
Monthly passenger car sales
In December 2023, the production sales of passenger vehicles completed 2.713 million units 2.792 million units respectively, up 0.3% 7.2% sequentially 27.7% 23.3% year-on-year.
For the whole year of 2023, the production sales of passenger cars amounted to 26.124 million units 26.063 million units respectively, representing year-on-year growth of 9.6% 10.6% respectively.
Monthly Commercial Vehicle Sales
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In December 2023, the production sales of commercial vehicles finished at 366,000 units 364,000 units, down 5.7% 0.4%, respectively, from a year earlier; up 41.7% 25.1%, respectively, from a year earlier.
For the whole year of 2023, the production sales of commercial vehicles completed 4,037,000 units 4,031,000 units respectively, up 26.8% 22.1% year-on-year.
Monthly Sales of New Energy Vehicles
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In December 2023, the production sales of new energy vehicles were completed at 1,172,000 1,191,000 units respectively, up 47.5% 46.4% year-on-year.
Since 2015, the production sales of new energy vehicles have ranked first in the world for nine consecutive years.2023 For the whole year, the production sales of new energy vehicles were completed at 9,587,000 9,495,000 respectively, with a year-on-year growth of 35.8% 37.9% respectively. The market share exceeded 30% for eight consecutive months.
Monthly domestic sales of automobiles
In December 2023, domestic sales of automobiles were 2.657 million units, up 6.8 percent from a year earlier 19 percent from a year earlier.
For the year 2023, domestic sales of automobiles amounted to 25.184 million units, up 6% year-on-year.
06Monthly automobile exports
In December 2023, 499,000 automobiles were exported, up 3.5 percent sequentially 54.3 percent year-on-year.
For the whole year of 2023, 4.91 million vehicles were exported, up 57.9% year-on-year, it is expected to become the world's No. 1 auto exporter.
China's auto export number from the 1st to reach the annual export of 1 million with 55 years, 2021 exceeded 2 million, 2023 realized 4.91 million, close to 5 million, China's auto exports 2 years step 3 steps.
Since 2023, China's new energy vehicle exports have been maintaining high growth, with record high export volume. The annual export of new energy vehicles amounted to 1.203 million units, a year-on-year increase of 77.6%. The growth rate greatly exceeded that of traditional fuel vehicles, accounting for 24.5% of the total automobile exports. This is equivalent to nearly 1 out of every 4 exported cars coming from new energy vehicles.
All in all, the macro-economy continues to rebound improve in 2023, which will help the automotive industry to grow steadily. With the continued promotion of national policies to promote consumption stabilize growth, the implementation of a series of policies to promote the high-quality development of the new energy automobile industry, which will further stimulate market vitality consumption potential, China's automobile market in 2024 is expected to continue to maintain a stable to good development trend.
