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The China Association of Automobile Manufacturers expects that, under the continued effect of policies to stabilize the economy and promote consumption, automobile production and sales will continue to maintain rapid growth in the fourth quarter.

　Automobile production and sales maintain rapid growth

Data show that in September, automobile production and sales were 2.672 million and 2.610 million, up 28.1% and 25.7% year-on-year, respectively. Among them, the production and sales of passenger vehicles were 2.409 million and 2.332 million, up 35.8% and 32.7% year-on-year respectively. The production and sales of commercial vehicles were 263,000 and 279,000 units, an increase of 10.5% and 7.9% month-on-month and a year-on-year decrease of 15.6% and 12.5% ​​respectively.

From January to September this year, the production and sales of automobiles were 19.632 million and 19.470 million, an increase of 7.4% and 4.4% year-on-year respectively. Among them, the production and sales of passenger vehicles were 17.206 million and 16.986 million, up 17.2% and 14.2% year-on-year respectively. The production and sales of commercial vehicles were 2.426 million and 2.484 million respectively, down 32.6% and 34.2% year-on-year, respectively, 1.5 percentage points and 2 percentage points lower than that from January to August.

With the rapid development of my country’s automobile industry, the Industrial concentration is also increasing. The data shows that from January to September, the sales volume of the top ten enterprise groups in automobile sales totaled 16.792 million units, a year-on-year increase of 5.3%, accounting for 86.2% of the total automobile sales, 0.7 percentage points higher than the same period last year. Among the top ten companies in auto sales, BYD’s sales growth was the most obvious compared with the same period of the previous year. Chery and GAC also showed double-digit rapid growth, SAIC and Geely increased slightly, and other companies declined to varying degrees.

The China Automobile Association said that with the arrival of the traditional peak sales season of “Golden Nine and Silver Ten”, the intensive launch of new cars will promote the auto market.

　　New energy vehicle production and sales hit a new high

my country’s new energy vehicle production and sales hit a record high. Data show that in September, the production and sales of new energy vehicles in my country reached 755,000 and 708,000 respectively, an increase of 1.1 times and 93.9% year-on-year respectively, and the market share reached 27.1%. Among them, the production and sales of pure electric vehicles were 578,000 and 539,000, an increase of 93.8% and 77.2%, respectively; the production and sales of plug-in hybrid vehicles were 177,000 and 169,000, an increase of 1.8 times year-on-year; fuel cell vehicles Production and sales were completed at 183 and 202 units, up 18.1% and 16.8% year-on-year, respectively.

From January to September, the production and sales of new energy vehicles reached 4.717 million and 4.567 million respectively, an increase of 1.2 times and 1.1 times year-on-year respectively. Among them, the production and sales of pure electric vehicles were 3.682 million units and 3.578 million units, an increase of 1.0 times and 97.9% year-on-year respectively; the production and sales of plug-in hybrid vehicles were 1.033 million units and 987,000 units, an increase of 1.9 times and 1.7 times year-on-year respectively; The production and sales of fuel cell vehicles were both completed at 2,000 units, an increase of 1.7 times and 1.3 times year-on-year respectively.

Chen Shihua, deputy secretary general of the China Automobile Association, said that at the end of September, the Ministry of Finance, the State Administration of Taxation, and the Ministry of Industry and Information Technology officially issued the “Announcement on Continuing the Policy on New Energy Vehicles Exemption from Vehicle Purchase Tax”, clarifying that new energy vehicles are exempt from vehicle purchases. The tax policy will continue until the end of 2023, which further enhances the confidence of industry enterprises to produce new energy vehicles. With the support of policies such as stabilizing the economy and promoting consumption, China’s new energy vehicles will maintain the current growth rate, and China’s new energy vehicle sales are still expected to continue to grow at a high rate for more than a year.

　　Power battery sales accelerate

The popularity of new energy vehicles has also directly driven the popularity of power batteries.

Data show that in September, my country’s power battery sales totaled 46.5GWh, a year-on-year increase of 161.6%. Among them, the sales volume of ternary batteries was 23.4GWh, accounting for 50.4% of the total sales, a year-on-year increase of 207.1%; the sales volume of lithium iron phosphate batteries was 23.0GWh, accounting for 49.4% of the total sales, a year-on-year increase of 127.2%.

From January to September, the cumulative sales volume of power batteries in my country reached 367.0GWh, a year-on-year increase of 243.8%. Among them, the cumulative sales volume of ternary batteries was 163.8GWh, accounting for 44.6% of the total sales, with a cumulative year-on-year increase of 232.4%; the cumulative sales of lithium iron phosphate batteries was 203.0GWh, accounting for 55.3% of the total sales, with a cumulative year-on-year increase of 257.8%.

From January to September, the cumulative installed capacity of power batteries in my country was 193.7GWh, a year-on-year increase of 110.5%. Among them, the cumulative loading of ternary batteries is 77.2GWh, accounting for 39.8% of the total loading, with a cumulative year-on-year increase of 63.9%; the cumulative loading of lithium iron phosphate batteries is 116.3GWh, accounting for 60.1% of the total loading, with a cumulative year-on-year increase of 159.8%.

From the perspective of the concentration of enterprise vehicle loading, in September, a total of 36 power battery enterprises in my country’s new energy vehicle market achieved vehicle installation, a decrease of 3 compared with the same period last year. The top 3, top 5, and top 10 power battery companies have power battery installed capacity of 24.2GWh, 26.5GWh and 29.9GWh, respectively, accounting for 76.4%, 83.7%, and 94.6% of the total installed capacity.

From January to September this year, a total of 48 power battery companies in my country’s new energy vehicle market achieved vehicle installation, a decrease of 6 from the same period last year. The top 3, top 5, and top 10 power battery companies have power battery installations of 148.4GWh, 162.6GWh, and 182.9GWh, respectively, accounting for 76.6%, 83.9%, and 94.4% of the total installed capacity.

　Strong momentum in auto exports

Export markets also performed strongly. The latest data shows that in September, auto companies exported 301,000 vehicles, down 2.6% month-on-month and up 73.9% year-on-year. In terms of models, the export of passenger vehicles was 250,000 units, a decrease of 3.9% month-on-month and an increase of 85.6% year-on-year; the export of commercial vehicles was 51,000 units, an increase of 4.4% month-on-month and a year-on-year increase of 32.6%. The export of new energy vehicles was 50,000, down 40.3% month-on-month and more than double the year-on-year increase.

In terms of enterprises, among the top ten enterprises in vehicle exports, SAIC Motor ranks first in the automobile export list, with an export volume of 99,000 vehicles in September, a year-on-year increase of 54.3%, accounting for 33% of the total export volume. However, compared with the same period last year, BYD’s export growth was the most significant, with an export volume of 8,000 vehicles, a year-on-year increase of 4.6 times.

From January to September, among the top ten exporters of finished vehicles, compared with the same period of the previous year, all enterprises increased to varying degrees. Among them, Geely’s export growth was the most significant, with an export volume of 142,000 vehicles, an increase of 89.9% year-on-year.

From the perspective of major exporting countries, according to data from the General Administration of Customs, in August, among the export markets, the Mexican market was the core market for incremental growth, with a growth rate of more than 3.5 times. From January to August, among the top ten countries in China’s automobile export volume, Mexico and Thailand performed strongly in the markets, with year-on-year growth of 2.2 times and 1.8 times respectively. The top three markets for new energy vehicle exports are Belgium, the UK and Thailand.

The increase in car exports has also led to an increase in car prices. According to the statistics of the China Passenger Car Association, the average price of China’s auto exports has risen from US$12,900 in 2018 to US$16,400 in 2022, and reached US$18,900 in August.

Xu Haidong said, “The unit price of my country’s automobile exports has been rising since last year, which is evident in new energy vehicles. The price upside is directly related to product competitiveness. Our cars are getting better and better, including intelligence, shape design, User experience, etc. The rebound in export prices is no longer a ‘low-quality and low-price’ export, but has become an export model of ‘high-quality, high-price’. In addition, Chinese car companies attach great importance to overseas markets, which is the foundation for the sustainable development of exports. reason.”