In the first quarter, my country’s automobile production and sales achieved double growth year-on-year
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On April 10, the latest data on automobile production and sales in the first quarter of 2024 released by the China Association of Automobile Manufacturers showed that the economic operation of the automobile industry started smoothly and achieved a good start. In March, automobile production and sales completed 2.687 million units and 2.694 million units respectively, a year-on-year increase of 4% and 9.9% respectively. From January to March, automobile production and sales completed 6.606 million units and 6.72 million units respectively, a year-on-year increase of 6.4% and 4.6% respectively.
“The first quarter data can be said to have achieved a good start in 2024. According to our current statistics, production and sales in the first quarter of this year have reached a new high since 2019.” Chen Shihua, deputy secretary-general of the China Association of Automobile Manufacturers, said that it is expected that the domestic automobile industry will be in 2024. It shows a development trend of high front and low second.
In terms of new energy vehicles, the production and sales of new energy vehicles in March were 863,000 and 883,000 respectively, a year-on-year increase of 28.1% and 35.3% respectively, and the market share reached 32.8%. Among them, 124,000 new energy vehicles were exported, a year-on-year increase of 59.4%. From January to March, the production and sales of new energy vehicles were 2.115 million and 2.09 million respectively, a year-on-year increase of 28.2% and 31.8% respectively, and the market share reached 31.1%. Among them, 307,000 new energy vehicles were exported, a year-on-year increase of 23.8%.
Chen Shihua said that in general, new energy vehicles have continued to grow rapidly, with market share stabilizing at 30%, and exports of complete vehicles have remained at a high level, continuing to play a positive role in stimulating industry growth.
From the perspective of domestic brand market share, Chinese brand passenger car sales in March were 1.326 million units, a year-on-year increase of 26.1%, and the market share reached 59.3%, an increase of 7.2 percentage points. From January to March, Chinese brands sold 3.392 million vehicles, a year-on-year increase of 26.4%, and the market share reached 59.6%, an increase of 7.4 percentage points, which is a certain increase compared with the whole year of 2023.
Xu Haidong, deputy chief engineer of the China Association of Automobile Manufacturers, said, “my country’s automobile market is an open market. It can be seen that many foreign automobile companies are also actively deploying the Chinese market and even setting up R&D teams in China. In the future, the Chinese automobile market will definitely be The world’s largest market, Chinese and foreign car companies need to participate more actively and diligently in the market competition.”
It is worth noting that according to data from the National Bureau of Statistics compiled by the China Association of Automobile Manufacturers, from January to February 2024, the automobile manufacturing industry achieved operating income of 1,371.45 billion yuan, a year-on-year increase of 8.1%; total profits were 58.69 billion yuan, a year-on-year increase of 50.1%; The industry profit margin is 4.3%.
Chen Shihua pointed out that the profit margin of my country’s automobile industry is in a downward trend, partly due to the recent fierce price competition among automobile companies. “Companies should compete not only on price, but also on product quality, performance, technology, brand and other factors to open up the market and truly create an excellent Chinese automobile brand.”
Regarding how to further expand automobile demand, Xu Haidong expressed the hope that the national level will continue to provide a better policy promotion environment for the automobile industry, including promoting a new round of large-scale equipment updates and consumer goods trade-in policies and measures to be detailed and implemented as soon as possible, so as to further stimulate the potential of automobile consumption and stabilize Industry expectations help high-quality development.
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