After the Spring Festival, the production and operation activities of enterprises accelerated, the manufacturing industry boom expanded significantly, returned to the expansion range, and the market is expected to continue to improve. According to the latest data released by the China Association of Automobile Manufacturers, in the first quarter, the economic operation of the automobile industry started smoothly and achieved a good start.
Specifically, the production and sales of automobiles showed rapid growth, with passenger cars and commercial vehicles performing well; new energy vehicles continued to grow rapidly, with a stable market share of 30%; vehicle exports remained at a high level, continuing to play a positive role in stimulating the growth of the industry.
In March, vehicle production and sales totaled 2.687 million units and 2.694 million units, up 78.4% and 70.2% m/m and 4% and 9.9% y/y. Passenger vehicle production and sales totaled 2.25 million units and 2.236 million units, up 76.7% and 67.8% m/m, up 4.7% and 10.9% y/y, while commercial vehicle production and sales totaled 437,000 units and 458,000 units, up 88.1% and 82.8% m/m, and 0.7% and 5.6% y/y. Analysis of the China Automobile Association: A large number of new cars were launched after the holiday, offline activities such as auto shows were carried out one after another, and promotional policies such as trade-in were introduced in some regions, driving car sales to show rapid growth month-on-month and year-on-year.
In the first quarter, the production and sales of automobiles were 6.606 million and 6.72 million units, a year-on-year increase of 6.4% and 10.6%, achieving a good start. Among them, the production and sales of passenger vehicles were 5.609 million units and 5.687 million units, up 6.6% and 10.7% year-on-year, while the production and sales of commercial vehicles were 997,000 units and 1.033 million units, up 5.1% and 10.1% year-on-year.
In March, truck production and sales reached 388,000 units and 405,000 units, up 91.1% and 88.4% m/m and 0.2% and 4.1% y/y. Among them, in the subdivision of trucks, compared with the previous month, the production and sales of the four major types of trucks showed rapid growth; compared with the same period last year, the production and sales of medium-sized trucks and mini trucks showed double-digit growth, and the production of heavy trucks and light trucks decreased and the sales volume increased slightly.
In the first quarter, the production and sales of trucks were 883,000 and 919,000, a year-on-year increase of 4.4% and 9.7%. Among them, among the main varieties of trucks, compared with the same period last year, the output of light trucks decreased slightly, the sales volume increased slightly, and the production and sales of the other three types of trucks increased to varying degrees. In addition, pickup truck production and sales totaled 128,000 units and 135,000 units, reflecting an 8.6% and 8.1% y/y increase. By fuel type, gasoline vehicle production and sales were 36,000 units and 40,000 units, up 8.1% and 21.5% y/y, while diesel vehicle production and sales were 88,000 units and 91,000 units, up 7.4% and 3% y/y.
In terms of new energy vehicles, the production and sales in March were 863,000 units and 883,000 units, up 86.2% and 85.2% month-on-month, and 28.1% and 35.3% year-on-year, with a market share of 32.8%, of which domestic sales of new energy vehicles were 758,000 units, up 92.1% month-on-month and 32% year-on-year, and exports of new energy vehicles were 124,000 units, up 52% month-on-month and 59.4% year-on-year.
In the first quarter, the production and sales of new energy vehicles were 2.115 million and 2.09 million units, a year-on-year increase of 28.2% and 31.8%, and the market share reached 31.1%. Among them, domestic sales of new energy vehicles were 1.783 million units, up 33.3% y/y, and exports of new energy vehicles were 307,000 units, up 23.8% y/y.
Vehicle exports in March totaled 502,000 units, up 33% m/m and 37.9% y/y. Passenger vehicle exports totaled 424,000 units, up 34.6% m/m and 39.3% y/y, while commercial vehicle exports totaled 78,000 units, up 24.9% m/m and 31% y/y. Exports of conventional fuel vehicles totaled 377,000 units, reflecting a 27.7% m/m increase and a 32% y/y increase.
Vehicle exports in the first quarter totaled 1.324 million units, reflecting a 33.2% y/y increase. Passenger car exports totaled 1.11 million units, reflecting a 34.3% y/y increase, while commercial vehicle exports totaled 214,000 units, reflecting a 27.5% y/y increase. Exports of conventional fuel vehicles totaled 1.017 million units, reflecting a 36.3% y/y increase.
The China Association of Automobile Manufacturers said that the automobile industry is a pillar industry of the national economy and plays an important role in stabilizing growth and employment, and it is of great significance to continue to consolidate and expand the steady and positive development trend of the automobile industry and ensure that the industry continues to grow steadily on the basis of high growth in 2023. At present, exports are an important aspect of growth, and at the same time, the problem of insufficient domestic demand is still prominent, which is a key problem that needs to be solved this year.
The China Association of Automobile Manufacturers suggests that the national level should continue to give the automotive industry a better policy promotion environment, including promoting a new round of large-scale equipment renewal and consumer goods trade-in and other policy measures to be implemented as soon as possible, so as to further stimulate the potential of automobile consumption, stabilize industry expectations, and promote high-quality development.