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Weekly Summary

China Aug automobile production and sales continue to fall

Asia Viewpoint: by Ma Dongwei

China's automobile production and sales in August continued to fall compared to the same period last year as the spread of COVID-19 globally led to a shortage of semiconductors and Standard 6 on sulfur emissions (10ppm) from gasoline in commercial vehicles was implemented throughout the country. Sales of new energy vehicles, however, continued to grow.

According to the China Association of Automobile Manufacturers (CAAM), 1.725 mil vehicles were produced in August and 1.799 mil were sold, down 18.7% and 17.8% respectively from the same period last year. Of these, 1.497 mil passenger cars were produced and 1.552 mil were sold, down 11.9% and 11.7% respectively on year. For commercial vehicles, 229,000 were produced and 247,000 were sold, down 46.2% and 42.8% respectively on year.

As for new energy vehicles, production and sales continued to increase. In August, production and sales of new energy vehicles exceeded 300,000 for the first time, reaching a new record. 309,000 vehicles were produced and 321,000 vehicles were sold, up 8.8% and 18.6% respectively from the previous month and up 1.8 times from the same period last year.

Regarding exports, 187,000 vehicles were exported in August, a record high. These included 154,000 passenger cars, of which 45,000 were new energy vehicles.

In the fourth quarter, the Chinese economy is seen to be stable and demand for automobiles is expected to be firm. On the supply side, however, there are many uncertainties arising from factors such as a shortage of chips from overseas, leading to concerns that supply/demand might tighten.

 

Beijing : Energy Desk  Ma   +81-3-3552-2411Copyright © RIM Intelligence Co. ALL RIGHTS RESERVED.