The production and sales of passenger cars fully recovered in February, and March will usher in the golden period

In February, domestic narrow-sense passenger vehicle production, wholesale volume, and retail volume all increased by more than 10% year-on-year, showing the characteristics of rapid recovery after the festival. Among them, the retail sales of new energy passenger vehicles reached 439,000 units, a year-on-year increase of 61.0% and a month-on-month increase of 32.8%, and the growth momentum remains unabated. Cui Dongshu introduced, “The switch of the subsidy policy in January this year brought pains to the new energy market, but by February, the market adjustment has gradually been in place.”

Looking forward to March, there are 23 working days in total, which is conducive to automobile production and sales. At the same time, domestic macroeconomic data is healthy, and economic recovery is a big plus for the growth of the auto market. In addition, in March, new car products will be launched one after another, which will also push up the market heat. On the whole, March will be the golden period for automobile production and consumption.

Yesterday (March 8), the Passenger Car Market Information Association released data showing that in February, domestic narrow-sense passenger car production, wholesale volume, and retail volume all increased by more than 10% year-on-year, showing the characteristics of rapid recovery after the festival.

In terms of output, in February, a total of 1.664 million passenger vehicles in the narrow sense were produced, a year-on-year increase of 11.2% and a month-on-month increase of 23.6%, showing a strong momentum. Among them, the output of self-owned brands increased by 34% year-on-year and 23% month-on-month; luxury brands increased 26% year-on-year and 21% month-on-month, all of which performed well. However, the output of joint venture brands fell by 17% year-on-year, which is still weak. Cui Dongshu, secretary-general of the Passenger Federation, said, “The impact of the epidemic on the auto industry chain has been basically eliminated, but some major auto companies are actively adjusting production and inventory balance to ensure the healthy development of the dealer system.”

In terms of wholesale, in February, the wholesale sales of manufacturers were 1.618 million vehicles, a year-on-year increase of 10.2% and a month-on-month increase of 11.7%. Among them, self-owned brands wholesaled 859,000 vehicles, a year-on-year increase of 37%, and a month-on-month increase of 13%; luxury brands wholesaled 250,000 vehicles, a year-on-year increase of 16%, and a month-on-month increase of 9%; A decrease of 19% and an increase of 10% month-on-month.

In terms of retail sales, in February, a total of 1.39 million domestic passenger vehicles in the narrow sense were sold, a year-on-year increase of 10.4% and a month-on-month increase of 7.5%. Specifically, luxury brands that have gradually emerged from the impact of the lack of cores have regained their sales momentum. In February, a total of 200,000 vehicles were sold, a year-on-year increase of 23% and a month-on-month increase of 8%. Mainstream joint venture brands only sold 480,000 units, a year-on-year decrease of 12%, and a slight increase of 2% month-on-month, far underperforming the market; among them, the retail share of German brands increased by 0.2 percentage points to 20.6%, and Japanese brands fell by 5.4 percentage points to 17.6% , the US department fell 1.6 percentage points to 7.5%.

Self-owned brands are still the backbone of sales. In February, a total of 710,000 vehicles were sold, a year-on-year increase of 29% and a month-on-month increase of 12%. The market share increased by 7 percentage points to 51.1%. In this regard, Cui Dongshu analyzed, “Independent brands have achieved significant growth in new energy and export markets. At the same time, the transformation and upgrading of leading car companies such as BYD, Changan, Geely, and Chery have shown results, and their market share has increased significantly.”

In terms of models, the MPV market, which has been quiet all year round, has ushered in a significant recovery driven by new products. In February, MPV production was 67,000, a year-on-year increase of 33.3%; wholesale sales were 72,000, a year-on-year increase of 35.4%; retail sales were 82,000, a year-on-year increase of 24.1%, all significantly ahead of cars and SUVs. At the same time, judging from the situation that retail is greater than wholesale and wholesale is greater than production, the MPV market demand is strong and the prospect is promising.

Focusing on the new energy market, in February, the domestic retail sales of new energy passenger vehicles reached 439,000 units, a year-on-year increase of 61.0% and a month-on-month increase of 32.8%, and the growth momentum remains unabated. Cui Dongshu introduced, “The switch of the subsidy policy in January this year brought pains to the new energy market, but by February, the market adjustment has gradually been in place.”

Specifically, in February, the retail penetration rate of domestic new energy passenger vehicles reached 31.6%, a year-on-year increase of nearly 10 percentage points. Among them, self-owned brands still lead the new energy market. In February, the new energy retail penetration rate of self-owned brands increased to 52.9%, and the market share reached 64%, an increase of 5 percentage points year-on-year. The mainstream joint venture brands that missed the opportunity of new energy are still struggling to improve. In February, the retail penetration rate of new energy was only 4.2%, and the market share fell by another 1 percentage point. In February, the new energy penetration rate of luxury brands rose slightly to 22.6%.

It is worth noting that China’s new energy automobile industry has also achieved both domestic and foreign blossoms. The export volume of new energy passenger vehicles made in China continues to rise, and their recognition in the international market is also increasing. In February, Tesla China exported 40,479 vehicles, SAIC Motor exported 16,827 vehicles, and BYD exported 15,002 vehicles. In addition, the overseas sales data of the new car-making forces that have gone global one after another gradually emerged.

Looking forward to March, there are 23 working days in total, which is conducive to automobile production and sales. At the same time, domestic macroeconomic data is healthy, and economic recovery is a big plus for the growth of the auto market. In addition, in March, new car products will be launched one after another, which will also push up the market heat. On the whole, March will be the golden period for automobile production and consumption.

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