Automobile production and sales have improved. Is there still a shortage of "cores"?
Release time:
2021-11-13
Source:
Website
On November 1, China Automobile Industry Association released the economic operation of the automobile industry in the first 10 months.
In October, China's macroeconomic operation was generally stable, but the domestic and foreign environment was still complex and severe. The automobile industry has made efforts to overcome the impact of many adverse factors such as tight power supply and high raw material prices, and the supply situation of vehicle specification chip is slightly better than that in the third quarter. Automobile production and sales continue to show a recovery trend, and the overall situation shows signs of improvement.
From the situation of that month, the decline of automobile production and sales in October was significantly narrowed driven by passenger cars. Although the chip supply in October was slightly alleviated compared with that in September, it still could not fully meet the production needs. Moreover, the market of commercial vehicles continued to fluctuate due to the switching of policies and regulations. In addition, the demand continued to decline sharply year-on-year due to insufficient expectations and other factors. Therefore, the automobile market is still running at a low level. Although the automobile production and marketing situation is under great pressure, there are still some bright spots in the industry. The production and sales of new energy vehicles reached a new high, with monthly production and sales approaching the level of 400000 vehicles, and the penetration rate continued to increase to 12.1% from January to October. Meanwhile, driven by the recovery of overseas markets and the growth of new energy vehicle exports, vehicle exports this month also set a new historical record.
In October, the production and sales of automobiles in that month were 2.33 million and 2.33 million respectively, with a month on month increase of 12.2% and 12.8% respectively, a year-on-year decrease of 8.8% and 9.4% respectively, and a decrease of 9.1 and 10.2 percentage points respectively compared with September. Compared with the same period in 2019, production and sales increased by 1.4% and 1.5% respectively year-on-year, while August and September were lower than the level in 2019 for two consecutive months, indicating that the tight supply situation in the third quarter has been alleviated. Considering the high average monthly sales volume (2.8 million vehicles) from November to December of last year, the chip shortage still exists in the short term, so it is under great pressure in the next two months.
From January to October, the production and sales of automobiles were 20.587 million and 20.97 million respectively, with a year-on-year increase of 5.4% and 6.4% respectively, and the growth rate continued to drop by 2.1 and 2.3 percentage points compared with that from January to September. Compared with the same period in 2019, the production and sales increased by 0.6% and 1.4% respectively year-on-year, and the growth rate increased by 0.2 and 0.1 percentage points respectively from January to September.
Specifically, the economic operation of the automobile industry in October 2021 shows the following characteristics:
1. The year-on-year decline in automobile production and sales narrowed;
2. The decline in production and sales of passenger cars narrowed and luxury cars grew rapidly;
3. Commercial vehicles decreased significantly year-on-year;
4. The production and marketing of new energy vehicles reached a new high;
5. The market share of Chinese brand passenger cars keeps growing;
6. The market concentration of key enterprise groups is lower than that in the same period;
7.Automobile exports set a new historical record.
China Automobile Industry Association predicted the data of the next two months and the whole year: Overall, the annual automobile production and sales will increase slightly over last year, but lower than expected.
In the fourth quarter, with the steady and positive development of macro economy, the demand for automobile consumption remained stable. However, there is still uncertainty on the supply side. The gradual easing of chip supply in the fourth quarter will promote the month on month growth of production and sales, but the overall supply situation is still in short supply; The orderly use of electricity in various places and the scattered epidemic situation in China have increased the potential risk of power supply interruption in the industrial chain of the automobile industry; The rise in electricity charges and the continued high price of raw materials have increased the cost pressure on enterprises.
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