China auto output, sales both rise YoY in first 8 months of 2022

Shanghai (Gasgoo)- China's auto output and sales reached 2.395 million and 2.383 million units in August 2022, jumping 38.3% and 32.1% year on year, respectively, according to data from the China Association of Automobile Manufacturers ("CAAM").

For the first eight months of 2022, the auto production and sales volumes of the country amounted to 16.967 million and 16.86 million units, rising 4.8% and 1.7%, respectively.

In August, about 2.157 million and 2.125 million passenger vehicles (PVs) were produced and sold in China, representing a 43.7% and 36.5% year-on-year leap. Partially thanks to the car purchase tax breaks, the Aug. sales of traditional oil-fueled vehicles were 172,000 units more than that of the year-ago period.

In Jan.-Aug. period, the country saw its PV production volume and sales grow 14.7% and 11.7% from a year earlier, respectively.Sales of the China-made PVs under premium auto brands reached around 351,000 units (+43.5% YoY) last month, resulting in a year-to-date volume of 2.373 million units (+6.6% YoY).

In August, China's commercial vehicle (CV) output and sales came in at 238,000 and 258,000 units, climbing 3.1% and 4% over the prior-year period. The CAAM said it was the first time for the CV sector to record a year-on-year growth in both monthly production and sales volumes since April last year.

However, the year-to-date CV output and sales still fell at a two-digit rate compared to the same span in 2021.

China's new energy vehicle (NEV) output and sales reached 691,000 and 666,000 units last month, both hitting a new high level. For the first eight months of the year, there were 3.97 million and 3.86 million NEVs produced and sold across China, up roughly 120% and 110% year over year.

In addition, automakers in China exported a total of 1.817 million vehicles in the Jan.-Aug. period, of which the export volume in Aug. reached a record high of around 308,000 units