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THURSDAY, October 06, 2022
Chinese auto sales up 364.8% in February

Chinese auto sales up 364.8% in February

FRIDAY, March 12, 2021

BEIJING - China's auto sales rose 364.8 percent year-on-year to 1.455 million units in February, data from an industry association showed on Thursday.

The huge growth was due to the sharp drop of sales during the same period last year and the country's recovering market demand this year, according to the China Association of Automobile Manufacturers (CAAM).

In the first two months of 2021, auto sales totaled 3.958 million units, up 76.2 percent year-on-year.

The country will encourage steady increases in spending on home appliances, automobiles, and other big-ticket items, and abolish excessive restrictions on sales of second-hand vehicles, according to a government work report submitted to the national legislature for deliberation.

The Ministry of Commerce has introduced fresh measures to boost auto sales, encouraging cities to optimize their restrictions on auto consumption and incentivize rural consumption of cars.

With the stable recovery of the Chinese economy and positive effects brought by policies, the automobile industry will maintain steady growth momentum in the future, the CAAM predicted.

The data also showed China produced more than 1.5 million motor vehicles in February, up 418.9 percent year-on-year.


NEV sales surge

Sales of new energy vehicles (NEV) in China increased by 3.2 times year-on-year in the first two months amid the steady recovery of market demand, data from the CAAM showed Wednesday.

In January and February, NEV sales amounted to 289,000 units. In February alone, NEV sales surged 5.8 times year-on-year to reach 110,000 units, the data showed.

The association, though attributing the surge to the low base last year due to the impact of COVID-19, said the NEV sector maintained its large scale by setting new records in production, sales and exports for the month of February.

China will further promote NEVs' high-quality development by advancing the integration of technologies such as electrification and intelligent networking, according to the Ministry of Industry and Information Technology (MIIT).

In recent years, China has issued more than 60 supportive policies and measures for the development of the NEV industry and has achieved positive results and breakthroughs, said Xiao Yaqing, minister of the MIIT.