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Pent-up demand delivers boost to local carmakers in July
2020-08-17 
SAIC showcases an MG model at the Guangzhou auto show in November 2019. [Photo by Li Fusheng/China Daily]

Almost 600,000 Chinese-branded cars were sold last month, according to CAAM

Domestic automakers secured a market share of 35.1 percent in China's passenger vehicle segment in July, an increase of 1.7 percentage points from June, prompting cautious optimism from industry insiders.

In July, 585,000 Chinese-branded passenger cars were sold, a year-on-year growth of 4.5 percent, the China Association of Automobile Manufacturers said on Tuesday.

Over the first seven months of the year, Chinese brands sold 3.43 million vehicles, down 25 percent from the same period in 2019.

"Recovery of sales of China-branded passenger vehicles signals purchasing power is being released after pent-up demand caused by the COVID-19 pandemic," said Xu Haidong, vice-chief engineer with the CAAM.

"However, explosive growth is not expected, which is instead determined by overall product competitiveness."

Xu added there is a serious polarization among Chinese automakers in terms of market share. The front-row players, including Geely, Great Wall Motors and Changan Automobile, have a much larger market share than many of their peers.

Statistics show Geely sold 105,218 vehicles in July, up 15 percent year-on-year.

Great Wall Motors sold 78,339 vehicles last month, of which 23,723 were its H6 model, the automaker's best-selling model.

Meanwhile, Changan sold 123,548 of its Chinese-branded vehicles in July, up 49.9 percent.

The three automakers rank among the top 15 Chinese automakers in terms of sales between January to July, according to statistics from the CAAM.

With total sales of 753,000 vehicles in the first seven months of this year, Changan ranked second in the top 15 list, following SAIC Motor with a sales volume totaling 1.08 million.

Geely, with a sales volume of 636,000 between January and July, took third place. Great Wall Motors ranked fifth, with sales of 404,000 vehicles during the period.

A Changan model is displayed at the Shanghai auto show last year. [Photo provided to China Daily]

In July, China produced 2.2 million passenger and commercial vehicles, down 5.3 percent month-on-month.

A total of 2.11 million were sold in July, down 8.2 percent month-on-month. However, the figures were up 21.9 percent and 16.4 percent respectively year-on-year, according to the CAAM.

A total of 1.73 million passenger vehicles were produced with 1.67 million sold in July.

The figures were down 3.9 percent and 5.6 percent respectively month-on-month but up 13.2 percent and 8.5 percent year-on-year.

A total of 472,000 commercial vehicles were produced in July, with 447,000 sold. This was down 10.4 percent and 16.6 percent respectively month-on-month but up 70.3 percent and 59.4 percent year-on-year.

From January to July, China produced 12.31 million vehicles and sold 12.37 million.

It marked a decrease of 11.8 percent and 12.7 percent respectively from the same period of 2019.

There were positive signs for new energy vehicles in July with 98,000 sold, up 19.3 percent from the previous year, the first increase of 2020.

In the first seven months, China produced 496,000 NEVs and sold 486,000, down 31.7 percent and 32.8 percent respectively year-on-year.

With the scaling back of government subsidies for NEVs since the second half of 2019, there has been a sales decline that has lasted for around a year, according to Xu.

"After nearly a year of strategic adjustment, new energy vehicle companies are on the right track and individual consumption is dominating the NEV market. These are key factors to ensure the steady development of the market," Xu said.

"We estimate total NEV sales will reach 1 million units this year in China, excluding the sales of Tesla."

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