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Economic resilience supports the auto industry

Economic resilience supports the auto industry
Economic resilience supports the auto industry

Economic resilience supports the auto industry

Experts said that the strong resilience of China’s economic is expected to provide support for the auto industry. According to data released by the China Association of Automobile Manufacturers on Wednesday. Chinese automakers sold more than 2.23 million vehicles in April, a year-on-year increase of 6.3%. At the same time, car sales in April rose 8.6% year-on-year to more than 2.25 million vehicles.

In April, China exported nearly 151,000 vehicles, a record high, 1.1 times that of the same period last year. This figure is 13.7% higher than exports in March.

Passenger car sales exceeded 1.7 million in April, an increase of 10.8% year-on-year. Last month, sales of Chinese brand passenger vehicles increased by 34.8% year-on-year to 719,000 units. Accounting for 42.2% of passenger vehicle sales in April. According to the China Association of Automobile Manufacturers. The market share of Chinese automakers has increased by 7.5 percentage points from the same period last year.

Last month, sales of new energy vehicles reached 206,000, 1.8 times that of the same period last year.

However, it should be noted that the number of NEV sold in April fell by 8.7% month-on-month. In April, China’s total automobile production and sales fell by 9.3% and 10.8% month-on-month respectively.

Chen Shihua, deputy director of the Civil Aviation Administration of China, said that the growth rate in April lower than that in March, mainly because the comparison base higher.

“The overall trend of steady growth is clear. We can see that sales in the first four months of this year have returned to the level before COVID-19. Surpassing the level of the same period in 2019,” Chen said.

But he warned that the shortage of automotive chips in the second quarter may worsen, which may affect global automotive production.

Chinese automakers are not immune to this global crisis

so the association is “cautiously optimistic” about sales performance in the next few months.

But Chen Deliang said that China has laid a solid foundation for the further growth of the world’s largest auto market by virtue of its economics flexibility and favorable consumption policies.

The Ministry of Commerce stated at a press conference in late April that while working together this month to boost domestic consumption, stimulating more car consumption, especially by launching more car brands in rural areas, will be one of the highlights of many policies this year. One.

Chinese residents have become more and more enthusiastic about car ownership. According to data from the Ministry of Public Security, in the first quarter of this year, the number of registered motor vehicles, including automobiles and motorcycles, reached a record 9.96 million.

Li Jiangping, director of the Transportation Administration of the Ministry of Transport, said on Monday that China currently has 380 million vehicles and 465 million people hold driving licenses.

In addition, among the 25 Chinese automakers observed by the securities company Shenwan Hongyuan, 88% of the automakers experienced business growth in the first quarter. According to the latest financial report of Guangzhou Automobile Group, net profit in the first quarter increased by 20 times.

Independent economist Wang Zhikun said that due to the improvement of macroeconomics, supply chain, market demand and capital support, Chinese automakers have ended their net profit decline, which is mainly due to the economic pandemic.

PC SHIPMENTS INCREASED BY 32% IN 1ST QUARTER

Written by Hüseyin Ali

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