Market news Market analysis of Chinese automobile industry in August 2019

According to data published by the China Association of Automobile Manufacturers (CAAC) on 11 September 2019, China's car sales in August 2019 were lower than in the previous year. At 1.958 million units, sales of finished vehicles were 6.9 % down on the previous year. From January to August 2019, vehicle sales were 11 % less than in the previous year at 16.104 million units.

According to statistics from the China Automobile Association, China's automobile production and sales in August 2019 were 10.3 % and 8 % up on the previous month at 1.919 and 1.958 million, respectively, a decline of 0.5 % and 6.9 % compared with the same period of the previous year. The year-on-year decline in production was 11.4 percentage points below the previous month's level, and the sales volume decreased by 2.6 percentage points.

From January to August 2019, China's automobile production and sales reached 15.939 million and 16.104 million, thus falling by 12.1 % and 11 %, compared to the same period last year. The decline in production and sales was 1.4 and 0.4 percentage points respectively below the January to July level.

The China Automobile Association estimates that production and sales volumes have not exceeded 2 million units since the completion of production and sales data in August. August saw a recovery in production and sales in the automotive market and the chain began to grow, but the increase was not obvious.

Sales of new vehicles continue to decline

Due to various factors such as the decrease in subsidies, production and sales of new vehicles continued to decrease compared to the previous year.

In August 2019, 87,000 and 85,000 new energy vehicles, respectively, were produced and sold in China, a decrease of 12.1 % and 15.8 %, compared to the same period last year. Of these, plug-in hybrid passenger cars, pure electric commercial vehicles and plug-in hybrid commercial vehicles showed different negative year-on-year growth rates, with only pure electric passenger cars achieving a positive growth rate.

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From January to August 2019, a cumulative total of 799,000 and 793,000 new energy vehicles were produced and sold in China. This corresponds to an increase of 31.6 % and 32.0 %, respectively, compared with the same period of the previous year. Of this total, 643,000 and 629,000 were attributable to the production and sale of purely electric vehicles, 41.4 % and 40.8 % respectively more than in the prior-year period, and 155,000 and 163,000 respectively to the production and sale of plug-in hybrid vehicles compared with the prior-year period. The growth rates were 1.6 % and 5.7 %, respectively, while production and sales of fuel cell vehicles were 7.0 times and 7.3 times higher year-on-year at 1,194 and 1,125, respectively.

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