Zhitong Finance APP learned that data from the Association of Passenger Cars showed that from February 14 to 20 (the third week), passenger car retail sales were 329,000 units, an increase of 67% year-on-year, an increase of 80% from the previous week, and a decrease of 32% from the same period last month; the wholesale of passenger cars was 433,000 units, an increase of 142% year-on-year, an increase of 124% from the previous week, and a decrease of 9% from the same period last month.
Weekly retail trends in the passenger car market in February
Due to the Spring Festival factor, the amount in the first week of February is difficult to accurately count, so the average is taken. The overall narrow passenger car market retail sales in the first to second weeks of February reached an average of 26,000 units per day, down 33% year-on-year, and the performance was relatively low, which was also a normal adjustment due to festive factors, with the first two weeks of February falling 55% relative to the same period in January 2022.
The third week of February entered the pre-school season car purchase period, with an average daily retail sales of 47,000 vehicles, an increase of 67% over the same period during the Spring Festival in February last year, a 32% decrease from the same period in January, and a 70% increase in retail sales compared with the pre-holiday hot period, and the retail recovery in the market after the Spring Festival was better.
After the Spring Festival in previous years, there has been a certain wave of car purchases before the start of school, and the traffic congestion in large cities is basically divided by the opening of school holidays. Customer car purchase is still a rigid demand, and the tide of car purchases at the beginning of this year is still relatively strong. Therefore, the growth rate of wholesale and retail sales in February should be worth looking forward to.
Weekly wholesale trend of the passenger car market in February
Due to the Spring Festival factor, the wholesale volume of manufacturers in the first week of February was almost zero, and it was difficult to accurately count, so the average was taken in one to two weeks. The overall number of narrow passenger car manufacturers in the first two weeks of February reached an average of 28,000 units per day, down 20% year-on-year, and the performance was relatively low, which is a normal adjustment of the holiday factor.
In the third week of February, manufacturers wholesaled 62,000 vehicles, due to the Spring Festival factor in the same period, so there was a lack of effective comparisons with the same period of the previous year, and the post-holiday trend of the calendar year was more normal. Manufacturers' sales fell by 9% compared with the same period in January, and the post-holiday performance was stronger.
Due to the early suspension of production before the January holiday, the channel inventory after the boom in the Car Market in January is still at a low level, and as the car companies quickly resume normal production and sales after the holiday, dealers in February still have good demand for replenishment.
Due to the early Spring Festival this year, the last week of January entered the Spring Festival dormancy period of the car market, which was 11 days less than february 2021, but also reduced the early dormancy period in the days before the Spring Festival. Manufacturers still have the willingness to continue to grow, the Spring Festival and the post-holiday are grasping the resumption of work to deliver orders, production capacity continues to recover, supply is more in line with market demand, so the Recovery after the February Holiday is earlier, and the year-on-year growth of the automobile market will be better reflected.