This year, the automobile industry has seen a significant increase in production and sales. According to the China Petroleum News, the latest statistics released by the China Association of Automobile Manufacturers (CAAM) show that in March, the country produced 300.6 million vehicles and sold 291.5 million vehicles. This represents an increase of 11.9% and 8.2% compared to the same period last year, respectively, indicating a positive trend in the automotive market.
In particular, the production of passenger vehicles has experienced substantial growth. The sales of both self-owned brands and new energy vehicles continue to perform well. The first quarter of this year has set optimistic expectations for the automotive market, with businesses recognizing it as a pivotal year for market transformation and growth.
As the automotive market gradually deepens its transformation, the performance of the new vehicle market will directly impact the overall health of the automotive industry. This year, the new vehicle market is under close observation as it is expected to reflect the dynamics of the petroleum market significantly. Data from the CAAM indicates that from January to March, vehicle production totaled 747 million units, marking an increase of 11.2% year-on-year. This achievement has confirmed the positive opening of the automotive market this year.
In March alone, new energy vehicle sales reached 123.7 million units, representing a 40.1% increase year-on-year, and accounting for 42.4% of total vehicle sales. Specifically, in March, pure electric vehicles sold 80.6 million units, up 42.5%, while plug-in hybrid vehicles sold 43.1 million units, marking a 35.8% increase. This growth reflects the increasing consumer demand for new energy vehicles.
Furthermore, the sales of self-owned brand vehicles accounted for 66% of the total sales of passenger vehicles in March, indicating a year-on-year increase of 6.7 percentage points. Among foreign brands, the sales volumes of German, American, and Japanese vehicles have not shown consistent growth, with only slight increases compared to the same period last year.
Overall, the automotive industry is expected to maintain steady growth throughout the year, driven by strong demand for both self-owned and new energy vehicles. The CAAM predicts that total production of new energy vehicles in 2023 will reach 1.6 million units, a 24.4% increase over last year.
As part of ongoing efforts to enhance the automotive market, various initiatives are being implemented to support the development of new energy vehicles. These efforts are crucial for maintaining the momentum of growth, particularly in urban areas where consumer interest in electric vehicles is rapidly increasing. The government continues to encourage the adoption of electric vehicles through incentives and policy support.
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