CAAM (China Association of Automobile Manufacturers): Auto production and sales in March 2022 were 2.24 mln and 2.23 mln, up by 23.4% and 28.4% m-o-m, but down by 9.1% and 11.7% y-o-y. During the first three months of 2022, China’s auto production and sales were 6.48 mln and 6.51 mln, up by 2% and 0.2% y-o-y.
Production and sales of new energy cars were 465,000 and 484,000 in March, up by 25.4% and 43.9% respectively, and up by 110% y-o-y, accounting for 21.7% of total new car sales. From January to March 2022, China’s sales of new energy cars were 1.29 mln and 1.26 mln respectively, up by 140 y-o-y, accounting for 19.3% of total new car sales.
According to the Deputy Secretary of CAAM; “COVID cases have been pressing on car makers’ operational capacity and productivity, resulting a y-o-y decline in production and sales during March. China’s car makers will be facing contracting demand, shrinking supply and weakening prospects in 2022, steady growth is still probable, but challenging.