The latest data from the China Association of Automobile Manufacturers (CAAM) showed the country's automotive market is recovering. Production and sales of new energy vehicles (NEV) both increased by over 40% in the first half of 2023. Total car export also grew by 75.5% year-over-year.
According to CAAM, 13.25 million cars were produced and 13.24 million were sold in China in the first six months of this year. Homegrown brands saw sales increase by 22.4% from last year to 5.99 million cars.
As for NEVs, CAAM said China made 3.79 million vehicles in the first half of 2023, a 42.4% growth year-over-year. It sold 3.75 million cars, a 44.1% increase from 2022. NEVs accounted for 28.3% of China's automotive market, CAAM said. Plug-in hybrid EVs enjoyed over 90% sales growth from January to June this year, with fuel cell and battery EVs falling behind.
CAAM said car demand resumed gradually in the first half of 2023 due to sales campaigns and other factors. Moreover, thanks to the lower base period in April and May 2022, the Chinese automotive market saw more significant growth this year.
Top 10 NEV brands in China, 1H2023 | |||
Company | Sales volume (10k) | YoY change(%) | Market share (%) |
BYD | 125.5 | 95.9 | 33.5 |
Tesla | 47.7 | 61.7 | 12.7 |
SAIC | 36.3 | -7.1 | 9.7 |
GAC | 23.8 | 109.9 | 6.4 |
Changan | 17.7 | 96.8 | 4.7 |
Dongfeng | 17.4 | -3.9 | 4.6 |
Geely | 15.8 | 43.9 | 4.2 |
Li Auto | 13.9 | 130.3 | 3.7 |
FAW | 11 | 82.4 | 2.9 |
Great Wall Motor | 9.3 | 46.4 | 2.5 |
Source: CAAM, compiled by DIGITIMES Asia, July 2023
CAAM said China's NEV market expanded rapidly in the first six months of this year. As new models were launched and car performance was enhanced, competition between automakers intensified.
According to CAAM's data, BYD reached 1.2 million cars in sales from January to June, a 95.9% increase from 2022. Li Auto and GAC Motor both saw sales grow more than 100% year-on-year. It was the first time Li Auto made one of the top 10 NEV sellers in China.
On the other hand, CAAM said China exported 2.14 million cars in the first half of 2023, a 75.7% growth from 2022. NEV export increased by 1.6% to 534,000 vehicles. China-made NEVs were mostly exported to Belgium, the UK and Thailand, according to CAAM.
The association said China's automotive market is expected to see further growth in the second quarter of 2023 while companies will keep facing multiple challenges.
China-based Gasgoo reported that the country launched a NEV sales campaign in rural areas and announced several policies in June to boost production and demand. CAAM said China's NEV sales will likely reach 9 million cars because of the above efforts.
