According to the China Association of Automobile Manufacturers analysis, after the Spring Festival, enterprise production business activities to speed up, the manufacturing industry boom surface significantly exped, back to the expansion zone, market expectations continue to improve. In the first quarter, the automobile industry economic operation started smoothly, realize a good start.
Specifically, automobile production sales showed faster growth, fuel vehicles are performing well; new energy vehicles to continue the momentum of rapid growth, market share stabilized at 30%; vehicle exports remain at a high level, continue to play a positive role in driving industry growth.
In March 2024, automobile production sales completed 2.687 million units 2.694 million units respectively, up 78.4% 70.2% sequentially, up 4% 9.9% over the same period last year.
From January to March 2024, automobile production sales completed 6.606 million units 6.720 million units respectively, up 6.4% 10.6% over the same period last year, realizing the opening of the first quarter.
Monthly Fuel Vehicle Sales
In March 2024, the production sales of fuel vehicles completed 1,824,000 units 1,811,000 units respectively, up 43% 39% sequentially, down 5% 1% respectively from the same period last year.
From January to March 2024, the production sales of fuel vehicles completed 4,489,000 units 4,628,000 units respectively, down 2% up 3% from the same period last year.
Monthly Sales of New Energy Vehicles
In March 2024, the production sales of new energy vehicles were completed at 863,000 883,000 units respectively, up 28.1% 35.3% year-on-year, with the market share reaching 32.8%.
From January to March 2024, the production sales of new energy vehicles were completed at 2.115 million units 2.09 million units respectively, with year-on-year growth of 28.2% 31.8%, the market share reached 31.1%.
Monthly automobile exports
According to the statistical analysis of China Association of Automobile Manufacturers (CAAM), in March 2024, automobile exports continued to grow rapidly.
In March 2024, automobile exported 502,000 units, up 33% sequentially 37.9% year-on-year.
From January to March 2024, automobile exports 1.324 million units, up 33.2% year-on-year.
In March 2024, 377,000 units of conventionally fueled vehicles were exported, up 27.7% from a year earlier up 32% from a year earlier.
In January-March 2024, exports of conventional fuel vehicles amounted to 1.017 million units, up 36.3% year-on-year.
In March 2024, exports of new energy vehicles amounted to 124,000 units, up 52% sequentially 59.4% year-on-year.
From January to March 2024, exports of new energy vehicles amounted to 307,000 units, up 23.8% year-on-year.
