The auto manufacturing industry grew by 9.7% in the first quarter, indicating continued prosperity and good prospects for the industry

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China Research Network

According to the data released by the National Bureau of Statistics, the added value of industrial enterprises above designated size in March this year increased by 4.5 percent year-on-year in real terms, down 0.08 percent month-on-month. This shows that the mainland's industrial production has shown a steady growth trend on the whole, but it has declined slightly month-on-month, which may be affected by some short-term factors.

Of particular note is the growth of the automotive manufacturing sector of 9.4% in March, showing the strong momentum of the sector. As an important manufacturing field, the growth of automobile manufacturing is of great significance to promote the development of the entire industrial economy. Combined with the data of the first quarter of this year, the growth rate of the automobile manufacturing industry reached 9.7%, which further proves the continued prosperity and good development prospects of the industry.

In addition, judging from the data of different industries, 32 of the 41 major industries maintained a year-on-year increase in added value, which also reflects the diversity and balance of the mainland's industrial economic structure. The growth differences between different industries not only reflect their respective development characteristics and market demand, but also provide us with ideas for optimizing the industrial structure and promoting high-quality development.

Overall, the data released by the National Bureau of Statistics provides us with an important reference for understanding the development of the mainland's industrial economy. In the future, we need to continue to pay attention to the development trends of various industries, strengthen policy guidance and market supervision, and promote the sustainable and healthy development of the industrial economy.

The growth of the automotive industry has a significant and far-reaching impact on the industrial economy. First of all, as an important part of the industrial economy, the growth of the automobile manufacturing industry directly promotes the growth of the overall industrial economy. The development of these links not only stimulates the demand for upstream raw materials and parts, but also promotes the development of downstream sales and service industries, thus having a positive pulling effect on the entire industrial economy.

Second, the growth of the automobile manufacturing industry will help to improve the technological level and innovation capacity of the industrial economy. With the continuous progress of automobile manufacturing technology, new energy vehicles, intelligent networked vehicles and other new automotive products continue to emerge, bringing new growth points to the industrial economy. At the same time, the investment and accumulation of technological innovation in the automobile manufacturing industry also provide experience and technical support for other industrial fields.

In addition, the growth of the automobile manufacturing industry has also contributed to the increase in employment and tax revenue. With the expansion of the automobile manufacturing industry and the increase in production, enterprises need to recruit more employees to meet the production demand, which provides a large number of employment opportunities for the society. At the same time, the automobile manufacturing industry is also one of the important sources of tax revenue, and its growth helps to increase the government's fiscal revenue and provides financial support for the sustainable development of the industrial economy.

Finally, the growth of the automobile manufacturing industry also contributes to the country's industrial competitiveness. With the continuous expansion of the automobile market and the diversification of consumer demand, the automobile manufacturing industry needs to continuously improve product quality, reduce costs, and improve production efficiency to cope with fierce market competition. This competitive pressure has prompted the automobile manufacturing industry to continuously carry out technological innovation and industrial upgrading, thereby enhancing the country's industrial competitiveness.

However, it is also necessary to pay attention to the environmental problems and resource consumption problems that may be brought about by the growth of the automobile manufacturing industry, and corresponding measures need to be taken to solve them. At the same time, it is also necessary to pay attention to the coordinated development of the automobile manufacturing industry and other industrial fields to achieve the overall optimization and sustainable development of the industrial economy.

To sum up, the growth of the automobile manufacturing industry has a positive impact on the industrial economy and is one of the important forces to promote the sustainable development of the industrial economy.

According to the analysis of the China Research Industry Research Institute:

Compared with developed countries, there is still a lot of room for growth in the number of cars in the mainland. With the increase of the middle class, the proportion of high-end car ownership, especially is expected to continue to rise. It is expected that with the deepening of the consumption upgrade of the mainland automobile industry, the sales and ownership of mainland automobiles will continue to grow steadily.

It was learned from the National Development and Reform Commission that in order to further implement the strategy of expanding domestic demand and give full play to the fundamental role of consumption in economic development, the National Development and Reform Commission issued the "Measures for the Recovery and Expansion of Consumption", proposing measures to optimize the management of automobile purchase and use and expand the consumption of new energy vehicles. In addition, the National Development and Reform Commission and 13 other departments jointly issued the "Several Measures to Promote Automobile Consumption", which also deployed to further stabilize and expand automobile consumption from various aspects such as optimizing the management policy of automobile purchase restrictions and strengthening the construction of supporting facilities for new energy vehicles.

According to the in-depth market research of China's automobile manufacturing industry, the industry has achieved remarkable results after years of development and has become a major country in global automobile production and sales. In recent years, with the continuous development of the economy and the progress of science and technology, the scale of China's automobile manufacturing industry has continued to expand, and the industrial chain has become more and more perfect, but it is also facing some challenges and opportunities.

In terms of market size and output, China's automobile manufacturing industry continues to grow. Domestic automobile sales and production have shown a steady growth trend, and the new energy vehicle market has grown particularly rapidly. This is mainly due to a number of factors, such as policy promotion, increased consumer acceptance, and technological advancements. At the same time, China's automobile exports have also shown a good growth momentum, injecting new impetus into the development of the industry.

In terms of industrial chain, China's automobile manufacturing industry has formed a relatively complete industrial chain, covering raw material supply, parts manufacturing, vehicle production, sales and after-sales service. With the continuous progress of technology and the improvement of the industrial chain, the production efficiency and quality level of China's automobile manufacturing industry are also improving.

However, China's automotive manufacturing industry also faces some challenges. First of all, the problem of overcapacity is becoming increasingly prominent, and the market competition is becoming increasingly fierce. Secondly, environmental protection and safety issues have put forward higher requirements for the development of the industry. In addition, with the changes in the international trade environment, China's automobile manufacturing industry also needs to deal with various trade barriers and risks.

In response to these challenges, China's automotive manufacturing industry needs to take a series of measures. First of all, strengthen technological innovation and industrial upgrading, and improve product quality and added value. Secondly, optimize the industrial structure and promote the development of the industry in the direction of high-end, intelligent and green. At the same time, we should strengthen international cooperation and exchanges and enhance international competitiveness.

Looking ahead, China's automobile manufacturing industry still has great potential for development. With the continuous expansion of the domestic market and the diversification of consumer demand, as well as the gradual opening of the international market and the improvement of the trade environment, China's automobile manufacturing industry is expected to continue to maintain a stable growth trend. At the same time, with the continuous emergence of new automotive products such as new energy vehicles and intelligent networked vehicles, China's automobile manufacturing industry will also usher in new development opportunities.

In summary, an in-depth market survey of China's automotive manufacturing industry shows that the industry has achieved remarkable results after years of development, but there are still a series of challenges to be addressed. Looking ahead, China's automobile manufacturing industry is expected to continue to maintain a steady growth trend and usher in new development opportunities.

According to the data, from January to February 2024, the domestic sales of domestic vehicles were 3.204 million, a year-on-year increase of 7%, of which the domestic sales of domestic new energy vehicles were 1.025 million, a year-on-year increase of 34.3%. Experts pointed out that from January to February, the overall production and sales of automobiles remained stable, and the year-on-year growth rate showed rapid growth, and it is expected that the annual growth rate will show a development trend of high and low. Continental's automobile production and sales increased by 8.1% and 11.1% year-on-year

According to the China Association of Automobile Manufacturers, from January to February, the production and sales of automobiles in mainland China reached 3.919 million and 4.026 million respectively, an increase of 8.1% and 11.1% year-on-year respectively. Since 2024, Continental's auto exports have continued to perform well and are expected to maintain rapid growth in 2024.

According to the latest data from the China Association of Automobile Manufacturers, from January to February 2024, Continental exported 822,000 vehicles, up 30.5% y/y, of which 182,000 new energy vehicles were exported, up 7.5% y/y. Not only new energy vehicles, but also exports of conventional fuel vehicles from January to February 2024 were 640,000 units, a year-on-year increase of 39%. According to the China Association of Automobile Manufacturers, in 2024, China's auto exports will continue the strong growth momentum in 2023, and China's auto industry will gradually show strong competitiveness in the international market in terms of technological innovation, cost control, and market layout.

According to the statistics of the Ministry of Public Security, the number of motor vehicles in the country will reach 435 million in 2023, including 336 million cars. By the end of 2023, the number of new energy vehicles in the country will reach 20.41 million, accounting for 6.07% of the total number of vehicles; Among them, the number of pure electric vehicles is 15.52 million, accounting for 76.04% of the total number of new energy vehicles.

There are 94 cities in the country with more than one million cars, an increase of 10 cities compared with 2022, of which 43 cities exceed 2 million, 25 cities exceed 3 million, and 5 cities including Chengdu, Beijing, Chongqing, Shanghai, and Suzhou exceed 5 million.

With the global energy shortage, abnormal climate and environmental pollution, countries have strengthened their attention and support for the development of the renewable energy industry. New energy vehicles are not only an important way to solve energy and environmental constraints, but also the focus of enhancing the competitiveness of the national automobile industry.

The National Energy Administration's new blockbuster document "Action Plan for Improving the Standardization of Energy Carbon Peaking and Carbon Neutrality" proposes that by 2025, the mainland will initially establish a relatively complete energy standard system that can strongly support and lead the green and low-carbon transformation of energy, and promote the transformation of energy standards from quantitative and large-scale to quality-and-efficiency.

The report elaborates and analyzes the current situation of the automobile manufacturing industry in the mainland, the situation of various business indicators in the market, the status of key enterprises, the development of the regional market, etc., focuses on the development of the automobile manufacturing business, and analyzes the potential risks and prevention suggestions of the automobile manufacturing industry according to the policy and economic development environment of the automobile manufacturing industry.

If you want to know more about the detailed analysis of the automobile manufacturing industry, you can click to view the research report of Zhongyan Puhua

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