China’s Auto Exports Surge 65% to Record High in August

MT Newswires · 09/12/2022 10:54

10:54 PM EDT, 09/11/2022 (MT Newswires) -- China's automobile exports jumped 65% year over year in August to a record high of 308,000 units, according to data from the China Association of Automobile Manufacturers on Friday.

About 260,000 passenger cars were shipped overseas, up 68.7%, while commercial vehicle exports climbed 47.5% to about 49,000 units.

New-energy vehicle exports jumped 82.3% to 83,000 units.

In the first eight months of the year, China's auto exports rose 52.8% year over year to 1.8 million units.

Retail sales of passenger cars rose 29% year over year in August to 1.87 million units, according to recent data from the China Passenger Car Association (CPCA). It marked the highest growth rate in the past decade.

Wholesale sales of passenger cars also jumped 38% year over year to 2.1 million units.

China's biggest automakers include Dongfeng Motor Group (SHA:600006, HKG:0489), SAIC Motor (SHA:600104), Chongqing Changan Automobile (SHE:000625), BAIC Motor (HKG:1958), Guangzhou Automobile Group (SHA:601238, HKG:2238), Great Wall Motors (SHA:601633, HKG:2333) and FAW Group (SHE:000800).

The domestic new-energy vehicle market is dominated by BYD, (SHE:002594, HKG:1211), Tesla China, GAC Aion, and SAIC-GM-Wuling, a joint venture among SAIC, General Motors and Wuling Motors Holdings (HKG:0305).

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