According to the China Association of Automobile Manufacturers, production and sales of China’s automobile increased in 2022, and major economic indicators continued to improve. These show the industry’s strong development growth and contribution to industrial economic growth.

In 2022, China’s production and sales of automobiles were 27.021 million and 26.864 million respectively, representing a YOY increase of 3.4% and 2.1%. Both continued the growth trend of last year.

Sales and growth rate of China's automobiles.

Among all, passenger vehicles achieved rapid growth driven by policies, making an important contribution to the annual growth; while commercial vehicles had a relatively lower growth rate due to multiple factors.

New energy vehicle, in particular, continued to grow at high speed, with annual sales exceeding 6.8 million units and a market share of 25.6%. It is ushering in comprehensive market expansion and a new stage of development and growth.

Exports of China’s automobile also maintained high level in 2022 with hitting monthly record highs several times. Since Aug, the monthly average of automobile exports has exceeded 300,000. The annual automobile export was over 3 million, driving the overall growth of China's automobile industry.

Development and market of China’s new energy vehicle grow at high speed.

Moreover, Chinese auto brands have been performing well. They have been seizing opportunities of such as new energy vehicles and the transition to intelligent connected vehicles to increase their product competitiveness. Among these vehicles, the market share of passenger car was close to 50% - a new high in recent years.

China Association of Automobile Manufacturers stated that, China will keep seeking development progress, maintaining stable growth, boosting market confidence, and implementing strategies to expand domestic demand.

The Association is optimistic that the economy will improve throughout 2023 as it believes that with the implementation of relevant supporting policies, the market and consumption power will be further stimulated.

Additionally, problems like shortage of chip supply are expected to be greatly alleviated this year. The automobile market is expected to realize a growth rate of about 3% in 2023.