CAAM Releases Report on Automobile Production and Sales in June 2023

The China Association of Automobile Manufacturers (CAAM) released a report on automobile production and sales in June 2023. The report showed that production and sales of automobiles in June increased by 9.8% and 10.1% month-on-month, respectively. However, the year-on-year growth rates were lower than those in May, at 2.5% and 4.8%, respectively.

The halving of the purchase tax on gasoline vehicles in June 2022 had a significant impact on the automobile industry. It led to a surge in demand for gasoline vehicles, which helped to boost production and sales.

From January to June, production and sales of automobiles increased by 9.3% and 9.8% year-on-year, respectively. Passenger vehicle production and sales increased by 8.1% and 8.8% year-on-year, respectively, while commercial vehicle production and sales increased by 16.9% and 15.8% year-on-year, respectively.

The market share of new energy vehicles in China is gradually increasing. In June 2023, the market share of new energy vehicles reached 14.7%, up from 13.6% in May. The production and sales of plug-in hybrid vehicles increased by 47.6% and 45.6% month-on-month, respectively. The production and sales of pure electric vehicles increased by 12.9% and 13.6% month-on-month, respectively. The production and sales of fuel cell vehicles decreased by 12.8% and 11.1% month-on-month, respectively.

The automobile industry in China is gradually recovering from the impact of the COVID-19 pandemic. The halving of the purchase tax on gasoline vehicles in June 2022 is expected to provide further support to the industry, and the market share of new energy vehicles is expected to continue to increase. However, the industry still faces some challenges, such as rising costs and chip shortages.