China’s monthly auto export, NEV sales reach new high in October 2022

Beijing (Gasgoo)- In October, China’s auto output and sales maintained a steady and rising momentum. The output and sales of new energy vehicles (NEVs) reached a new high in the past month, so as the auto export volume, according to the China Association of Automobile Manufacturers (CAAM).

In the tenth month of 2022, the country produced and sold 2.599 million vehicles and 2.505 million vehicles, respectively, representing a year-over-year increase of 11.1% and 6.9% each. In the first ten months of the year, there were 22.242 million vehicles produced in the country, growing 7.9% year over year. Meanwhile, China’s year-to-date auto sales climbed up 4.6% from a year ago to 21.975 million units.

In October, with 337,000 vehicles shipped overseas by automakers in China, the country’s monthly auto export volume reached a historic high, with a 12.3% growth over the previous month and a 46% surge over a earlier year. Of the vehicles shipped abroad in the past month, 109,000 units were NEVs, shooting up 120% month on month and 81.2% year on year. 

In the Jan.-Oct. period, China’s cumulative auto export volume summed up to 2.456 million vehicles, hiking 54.1% from a year ago. 

In the tenth month of 2022, China’s passenger vehicle sales amounted to 2.231 million vehicles, down 4.3% over September but up 10.7% over a year ago. Comparing to the same month of 2021, sales of conventional oil-fueled vehicles reduced 125,000 units, decreasing 8.3% year on year. 

By the end of October, automakers in China sold a total of 19.218 million passenger vehicles this year, representing a 13.7% increase from a year ago. With the ongoing tax cut policy, growing NEV sales, and auto export volume, China’s passenger vehicle sales have been rapidly growing since June this year. 

In October, China’s indigenous brands sold 1.187 million passenger vehicles, accounting for 53.2% of the total monthly passenger vehicle sales in China, up 5.5 percentage points from the year-ago period. In the first ten months of 2022, the cumulative sales of China-branded passenger vehicles summed up to 9.35 million units, jumping 26.1% over the previous year. 

Photo credit: BYD

Notably, there were 714,000 NEVs sold in the world’s largest auto market in October, indicating an 81.7% soar from a year ago and accounting for 28.5% of the country’s total auto sales. Among which, 541,000 units sold were battery-electric vehicles, growing 66.6% year on year. 

In the first ten months of the year, China’s cumulative NEV sales amounted to 5.28 million units, more than doubling from the same span last year, with a 110% increase.

On the other hand, China’s commercial vehicle sales amounted to 273,000 units in the past month, decreasing 16.2% year over year. In the Jan.-Oct. period, there were 2.757 million commercial vehicles sold in China, dropping 32.8% compare to 2021.