The country’s vehicle market has now fully recovered to pre-pandemic levels, driven mainly by pent-up demand and low interest rates. According to the China Passenger Car Association, 8.39m citizens were given new driver’s licences in the first quarter – further fuelling demand for new vehicles.
The Chinese economy rebounded by over 18% year-on-year in the first quarter after shrinking by 6.8% a year earlier, with strong domestic and overseas demand driving a sharp rise in industrial output. The World Bank last month said it expects economic growth to exceed 8.0% in 2021.
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New vehicle sales surged by almost 52% to 8,748,000 units in the first four months of 2021 from 5,761,000 units in the same period of last year, with passenger vehicle sales jumping by over 53% to 6,791,000 units while commercial vehicle sales were up by over 47% at 1,956,000 units.
Sales of new energy vehicles (NEVs), comprising mainly electric and hybrid-powered vehicles, increased by 180% to 206,000 units in April and by 249% to 732,000 units year-to-date with passenger vehicles accounting for 694,000 of these.
The association also reported vehicle exports increased by over 115% to 151,000 units in April and by more than 88% to 516,000 units year-to-date – including 54,000 NEVs.
Manufacturer performance
SAIC Motor said its sales increased just slightly to 419,519 units in April while year-to-date volume was up by over 42% at 1,561,929 units. Its SAIG-GM-Wuling subsidiary increased its sales by 55% to 443,331 units year-to-date, while SAIC-GM sales rose by 44% to 416,392 units. SAIC-Volkswagen reported a sales increase of just under 18% to 357,400 units, while SAIC Motor’s sales were up by 41% at 199,355 units.
GAC Group sales rose 45% to 683,654 in the first four months of the year, with GAC-Toyota sales rising by 47% to 274,000 units while GAC Honda sales were up by 45% at 252,920 units and GAC Motor increased by 37% higher to 99,998 units.
Geely Auto said its global sales, including Geely and Lynk & Co-branded vehicles, fell by 5% to 100,331 units in April. This includes 8,578 exports, which increased by 96% year-on-year, while NEV sales increased by 96% to 25,662 units. In the first four months of 2021 sales increased by 39% to 433,907 units, including a 128% jump in NEV to 80,413 units.
Great Wall Motor said its sales increased by 14% to 92,000 vehicles in April and by over 86% to 431,000 units in the first four months of 2021 – including 278,000 Haval-branded models.
BYD Auto four-month sales increased by over 60% to 149,379 units, driven by a 128% surge in NEV sales to 80,413 units.
