January China's auto production and sales remain stable and passenger cars grow faster
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Beijing, February 15 — According to the latest data released by the China Association of Automobile Manufacturers on the 15th, China's auto production and sales remained relatively stable in January this year. While both production and sales saw a month-over-month decline, they still outperformed the same period last year, showing significant growth, particularly in passenger car production and sales, which rose over 50% year-on-year.
In January, domestic auto production reached 521,600 units, while sales totaled 530,100 units. Compared to the previous month, production dropped by 7.15%, and sales fell by 14.60%. However, compared to January 2023, production increased by 28.24%, and sales jumped by 44.62%. Passenger cars accounted for the majority of these figures, with 396,600 units produced and 418,900 units sold. These numbers represented a 3.99% and 8.08% drop from the previous month, but a strong 51.95% and 72.63% increase year-on-year.
Commercial vehicle production and sales were lower, at 13 million and 11.1 million units respectively. Production declined by 15.52% from December, and sales fell by 32.61%. On a yearly basis, production was down 12.76%, and sales decreased by 10.27%.
Industry analysts pointed out two key trends in January’s auto market: first, production exceeded sales, with a production-to-sales ratio of 101.63%, indicating inventory buildup. Second, passenger cars showed robust growth, especially sedans. For example, basic passenger cars saw a year-on-year increase of 64.12% in production and 93.77% in sales, despite a monthly decline.
Sports utility vehicles (SUVs) and multi-purpose vehicles (MPVs) also saw notable growth, with SUVs up 39.40% and 22.64% in production and sales, respectively, and MPVs increasing by 18.43% and 87.40% year-on-year. Cross-type passenger cars, meanwhile, recorded a 28.36% and 34.37% rise in production and sales compared to the previous year.
These figures suggest a positive outlook for the automotive sector as demand continues to recover after the holiday season.