Source: China Economic Net
On April 9, data released by the Passenger Car Market Information Association showed that in March, the domestic retail sales of narrow passenger cars were 1.687 million, a year-on-year increase of 6.0% and a month-on-month increase of 52.8%; production was 2.192 million units, up 5.3% year-on-year and 77.5% month-on-month; Wholesales totaled 2.189 million units, up 10.1% y/y and 68.0% m/m. The Federation of Passenger Cars concluded that in March, the production and wholesale scale of passenger cars were basically flat, while the wholesale volume was about 100,000 units higher than the retail sales, forming a trend of channel replenishment.
Based on the data of the first quarter, the cumulative retail sales of narrow passenger cars in China were 4.829 million, a year-on-year increase of 13.1%; cumulative production was 5.452 million units, an increase of 7.0%; The cumulative wholesale volume was 5.589 million units, an increase of 10.6%.
Yesterday (April 9), the passenger car market information association released data showing that in March, the domestic retail sales of narrow passenger cars were 1.687 million, a year-on-year increase of 6.0% and a month-on-month increase of 52.8%; In the first quarter, a total of 4.829 million units were sold, a year-on-year increase of 13.1%.
Cui Dongshu, secretary general of the passenger association, said that in March, the consumption willingness accumulated during the Spring Festival was gradually released, driving the market higher. However, at the same time, in the environment of declining automobile prices and gradually rising preferential efforts, consumers' wait-and-see phenomenon has risen, forming a "slow start" trend in the auto market in March.
The picture is from the Federation of Passenger Passengers
In terms of brands, in March, the retail sales of self-owned brand passenger cars were 930,000 units, a year-on-year increase of 19% and a month-on-month increase of 51%; It accounted for 54.8% of the total sales of the passenger car market, a year-on-year increase of 6 percentage points. In the first quarter, the cumulative sales share of self-owned brand passenger cars was 55%, an increase of 5.4 percentage points. The Federation of Passenger Cars pointed out that the market share of independent leading car companies such as BYD, Chery, Geely, and Changan has increased significantly, which is an important factor to promote the continuous increase in the share of independent brands.
In March, the retail sales of mainstream joint venture brand passenger cars reached 500,000 units, down 8% year-on-year and up 49% month-on-month. Among them, German accounted for 20.4% of the total sales of passenger cars, down 1.5 percentage points; Japanese accounted for 13.8%, down 2.2 percentage points; The U.S. accounted for 8.2%, down 1.8 percentage points.
In March, the retail sales of luxury brand passenger cars reached 270,000 units, down 3% year-on-year and up 67% month-on-month. The retail share accounted for 15.6%, down 1.6 percentage points. According to the Passenger Car Association, at present, the demand in the traditional luxury car market is not strong.
The picture is from the Federation of Passenger Passengers
In terms of production, in March, the domestic production of narrow passenger cars was 2.192 million units, a year-on-year increase of 5.3% and a month-on-month increase of 77.5%, setting a new high in March since the statistics of the Passenger Association. In the first quarter, the cumulative production was 5.452 million units, a year-on-year increase of 7.0%.
In terms of wholesale, in March, the wholesale of domestic narrow passenger cars was 2.189 million, a year-on-year increase of 10.1% and a month-on-month increase of 68.0%, also hitting a record high in March; In the first quarter, the cumulative wholesale volume was 5.589 million units, a year-on-year increase of 10.6%.
The Federation of Passenger Cars concluded that in March, the production and wholesale scale of passenger cars were basically flat, while the wholesale volume was about 100,000 units higher than the retail sales, forming a trend of channel replenishment.
Focusing on the new energy market, in March, the retail sales of new energy passenger vehicles were 709,000, a year-on-year increase of 29.5% and a month-on-month increase of 82.5%; In the first quarter, the cumulative retail sales were 1.769 million units, a year-on-year increase of 34.3%, and the retail growth rate was higher than the growth rate of production and wholesale volume, highlighting the strong demand in the end market.
The picture is from the Federation of Passenger Passengers
From the perspective of retail penetration, in March, the overall retail penetration rate of domestic new energy passenger vehicles reached 41.6%, an increase of 7.6 percentage points year-on-year. Among them, the penetration rate of domestic brands was 63.3%, that of mainstream joint venture brands was 7.4%, and that of luxury brands was 28.4%. In terms of market share, in March, the retail share of self-owned brand new energy passenger vehicles was 62%, an increase of 3.4 percentage points year-on-year; Mainstream joint venture brands accounted for 4.5%, down 0.7 percentage points.
Looking forward to April, the Federation believes that there are many favorable factors in the auto market. First of all, there are a total of 22 working days in April, which is 2 days more than April 2023, which is conducive to the production and sales of the auto market. At the same time, the Beijing Auto Show will resume after a suspension and will open on April 25. In addition, this year's May Day has a total of 5 days of holiday, and the self-driving travel market is bullish, which is expected to form a small climax of pre-holiday car sales.
In addition, in March, the State Council issued a notice on the "Action Plan for Promoting Large-scale Equipment Renewal and Consumer Goods Trade-in", proposing to carry out car trade-in, increase policy support, smooth circulation blockages, and promote automobile cascade consumption and renewal consumption. In April, the People's Bank of China and the State Administration of Financial Supervision jointly issued the Notice on Adjusting Relevant Policies for Auto Loans, clarifying that the maximum proportion of loans for self-use of traditional power vehicles and self-use new energy vehicles shall be determined by financial institutions. The Federation of Passenger Cars said that the successive introduction of a number of policies will be conducive to the release of consumption potential and the gradual strengthening of the auto market. (China Economic Net reporter Guo Yue)