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China’s Automobile Industry Sees Strong Q1 2024 Growth in Production and Sales

On April 10th, the China Association of Automobile Manufacturers released automobile production and sales data from January to March 2024. China’s production and sales reached 6.606 million and 6.72 million units, respectively, with year-on-year increases of 6.4 percent and 10.6 percent, respectively. These were the highest quarterly production and sales figures seen since 2019.

Automobile exports for Q1 totaled 1.324 million units, up 33.2 percent year-on-year. In terms of new energy vehicles (electric cars), production and sales during this period were 2.115 million and 2.09 million, respectively, representing year-on-year increases of 28.2 percent and 31.8 percent, respectively.

In the month of March alone, automobile production and sales reached 2.687 million and 2.694 million units, respectively, up 78.4 percent and 70.2 percent month-on-month, and up 4 percent and 9.9 percent year-on-year, respectively. Among these, new energy vehicle production and sales reached 863,000 and 883,000 units, respectively, up 28.1 percent and 35.3 percent year-on-year.

Source: People’s Daily, April 10, 2024