Chinese vehicle sales rise over 11 percent in April
Vehicle sales rose 11.26% year on year (y/y) in China during April. The detailed data from the China Association of Automobile Manufacturers (CAAM) show that large state-owned auto conglomerates continue to dominate the Chinese vehicle market.
IHS Markit perspective
- Implications: The strong growth in vehicle sales in China during April is because of a low base of comparison.
- Outlook: According to IHS Markit's forecast data, sales of light vehicles in China will rise 2.1% to 28.5 million units in 2018. The production of NEV light-segment vehicles will reach 1.07 million units during 2018, up 45.7%.
The new vehicle market in China witnessed a double-digit percentage growth in sales during April, although on a year-to-date (YTD) basis, sales growth is moderately positive at 4.78% y/y. The detailed data from the China Association of Automobile Manufacturers (CAAM), which include locally produced commercial vehicles (CVs) and passenger vehicles (PVs) sold in China on a wholesale basis, show an 11.26% y/y increase in overall sales to 2.32 million units in April. Total vehicle sales in the first four months of the year have reached 9.50 million units, marking growth of 4.78% y/y.
The market continues to be led by large state-owned conglomerates that have joint ventures (JVs) with international automakers in China. Shanghai Automotive Industry Corp (SAIC) Group continues to lead the market with total sales of 567,485 units in April, up 13.38% y/y. On YTD basis, SAIC has sold 2.38 million units, an increase of 10.7% y/y. On a month-on-month basis (m/m), the automaker's sales were down 12.3% in April.
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The above article is an excerpt from AutoIntelligence Daily by IHS Markit. AutoIntelligence Daily provides same-day analysis of automotive news, events and trends. Get a free trial and read the full article.
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