May 2023 China Automobile Market Perked Up
In May 2023, China’s automobile market warmed up, and the total export volume of automobile in China buoyed by 58.7% Y-O-Y. According to CAAM, in May 2023, the production and sales volume of China’s automobile reached 2,333 thousand and 2,382 thousand, up 21.1% and 27.9% Y-O-Y. Therein, the production and sales volume of new energy automobiles stood at 713 thousand and 717 thousand, up 53% and 60.2% Y-O-Y. Its market occupancy rate reached around 30.1% of the total.
Moreover, according to CAAM, in May 2023, the production and sales volume of China’s automobile also advanced by 9.3% and 10.3% M-O-M. Firstly, the production and sales volume kept relatively low in May 2022, stemming from some special factors. The M-O-M rise registered that the demand in the automobile market warmed up somewhat. On the flip side, in April, the production and sales volume of China’s automobile headed down M-O-M and Y-O-Y, mainly affected by the sales promotion in March. Yet, currently, the demand in the automobile market was further released due to the travel peak during the Labour Day holiday.
At present, the demand in China’s automobile market still faces headwinds. The complex and volatile international market continues. China’s economy revives slowly. It is projected that the production and sales volume of China’s automobile may usher in a steady stage in the next three months. End-2023 may witness a sales peak season in the automobile sector. Besides, recently, the Ministry of Commerce, PRC has released a notice on Automobile Sales Promotion from June to December 2023. It is envisaged that the automobile market in H2, 2023 will likely perform better than that in H1, 2023.
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