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Chinese vehicle sales grow 4.7 percent in June
In June, Chinese vehicle sales, including light vehicles (LVs) and heavy commercial vehicles (HCVs), totalled 2.2737 million units, a rise of 4.79% year on year (y/y). June's rise means that, in the year to date (YTD), the market has now reached 14.06 million units, up 5.57% y/y, according to latest data from the China Association of Automobile Manufacturers (CAAM). Compared with May, China's vehicle sales in June fell slightly, down 0.61%. Commercial vehicle (CV) sales have experienced steady growth in China, and rose 18.2% y/y to 399,500 units in June. Passenger vehicle sales rose 2.31% y/y to reach 1.8742 million units in China in June.
Among the top 10 players, Shanghai Automotive Industry Corp (SAIC) Group continued to lead the race, followed by Dongfeng, FAW, Changan, and Beijing Automobile Industry Corp (BAIC). However, growth slowed across the top players in June, as out of the largest 10, six auto groups recorded declines in sales compared with the previous month.
According to CAAM data, new energy vehicles (NEVs), which are defined in China as pure battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and fuel-cell vehicles (FCVs), witnessed sales of 405,424 units, up 113% y/y. Passenger NEV sales reached 353,937 units, up 123% y/y.
China's passenger vehicle segment continued to grow in June, with overall sales in the segment rising by 2.31% y/y to reach 1.8742 million units. Sport utility vehicle (SUV) sales are shifting to a lower gear, being outpaced by growth in the sedan market. The sedan segment's sales rose by a strong 9.11% y/y in June, with first-half sales up 4.64% y/y.
IHS Markit anticipates light-vehicle sales in China in 2018 to rise 1.4% to 28.34 million units, among which passenger vehicles are estimated to increase 3.6% to 24.87 million units, while light commercial vehicle sales are forecast to decline 11.8% to 3.46 million units.
Please note: IHS Markit forecasts include imports as well as locally produced models sold within mainland China, whereas CAAM data do not include imports.
Posted 20 July 2018 by Paul Newton, Research and Analysis Director at IHS Markit
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