Sales volume and comments:
In February, the auto sales volume was yoy + 18.7%, growing rapidly compared with the same period
According to the data released by China Automobile Association, the car sales in February were 1.737 million, mom-31.4% and yoy + 18.7%, with a large year-on-year increase, mainly due to the growth of electric vehicles and export sales. The automobile inventory increased slightly this month. At the end of the month, the inventory of automobile enterprises reached 815000, an increase of 9.9% over the beginning of the month. At present, the inventory is still relatively low.
In February, the sales volume of passenger cars was 1.487 million, mom-32%, yoy + 27.8%. Among them, 734000 SUVs are sold monthly, mom-30.5% and yoy + 29.6%. Monthly sales of 687000 cars, mom-32.5%, yoy + 28.4%.
In February, commercial vehicle sales continued to decline, with monthly sales of 250000 vehicles, mom-27.4% and yoy-16.6%. The sales volume of trucks was 227000, mom-27.8% and yoy-17.8%. The sales volume of passenger cars was 23000, mom-23.5% and yoy-3.6%.
From January to February, the cumulative sales volume of cars was 4.268 million, yoy + 7.5%. Among them, the cumulative sales of passenger cars was 3.674 million, yoy + 14.4%; The cumulative sales of commercial vehicles was 594000, yoy-21.7%.
In February, the sales volume of new energy vehicles maintained rapid growth, yoy + 184.3%
The sales volume of new energy vehicles in February was 334000, mom-22.6%, yoy + 184.3%, and the monthly market penetration reached 19%. Among them, the sales volume of pure electric vehicles is 258000 and that of hybrid electric vehicles is 75000. From January to February, a total of 765000 new energy vehicles were sold, with yoy + 154.7%, maintaining rapid growth.
Among the key auto enterprises, Tesla delivered 56515 vehicles, Wuling Hongguang EV and Byd Company Limited(002594) Qin plus sold 26116 and 22506 vehicles respectively, and mom was – 5.6%, – 2.1% and – 11.9% respectively. The delivery remained high. In February, the delivery volume of new forces of car making fell by more than 30% month on month. Ideal, Xiaopeng, Weilai and Nezha delivered 8414, 6225, 6131 and 7117 vehicles respectively. From January to February, Tesla China delivered 116400 vehicles; Wuling Hongguang EV has sold 52800 vehicles in total; Ideal, Xiaopeng, Weilai and Nezha delivered 20700, 19100, 15800 and 18100 vehicles respectively. Since this year, the delivery volume of Weilai has declined due to the upcoming launch of new models and the impact of production capacity.
Affected by the decline of subsidies and the rise of costs, all brands have raised product prices since the beginning of the year. From the market feedback, the sales volume has not been greatly affected. At present, new energy vehicles still have the advantage of license sector, and the rising oil price will also accelerate the substitution of new energy vehicles for fuel vehicles. We expect the sales volume of new energy vehicles to maintain rapid growth, and the sales volume is expected to exceed 5 million this year.
Driven by new energy vehicles, the overall sales volume of the automobile industry is expected to grow steadily in 2022. At present, the uncertainty of economic environment and epidemic development, insufficient production capacity of automobile chips, acceleration of electrification process and other challenges put forward higher requirements for enterprise management. Automobile enterprises with strong product competitiveness are expected to further improve their market share. Recommend Byd Company Limited(002594) , Great Wall Motor Company Limited(601633) and Geely Automobile.
