Event description
In March, China's foreign production and sales data were disclosed.
Event review
China produced 465000 new energy vehicles in March, a year-on-year increase of 115% and a month on month increase of 25%; The sales volume was 484000, with a year-on-year increase of 114% and a month on month increase of 44%. The sales volume in March was greater than the output. Among them, the output of passenger cars was 443000, a year-on-year increase of 119%, a month on month increase of 24%, and the sales volume was 461000, a year-on-year increase of 117% and a month on month increase of 42%; The output of commercial vehicles was 23000, with a year-on-year increase of 55%, and the sales volume was 24000, with a year-on-year increase of 70%. In March, China sold 455000 passenger cars in the channel, with a year-on-year increase of 122% and a month on month increase of 44%. The retail sales volume was 445000, with a year-on-year increase of 138% and a month on month increase of 63%. The total export volume was 11000, with a month on month decrease of 76%. In March, the overall wholesale sales volume of passenger cars was 1.814 million, an increase of 24% month on month. The wholesale penetration rate of new energy vehicles was 25%, with a month on month increase of 3PCT, nearly 14pct higher than that in March 2021, reaching a new record and maintaining the judgment of more than 5.5 million vehicles in the whole year.
According to the data disclosed by the automobile industry associations of major European countries, the total volume of automobile sales in seven major European countries reached 904000, a year-on-year decrease of 18% and a month on month increase of 53%; Among them, the sales volume of electric vehicles was 197000, with a year-on-year increase of 6%, a month on month increase of 62%, a month on month increase of 22%, and a month on month increase of 1.2pct: 1) the main reason for the continued pressure on the overall European car market this month was the tight supply chain of some auto parts under the background of the Russian Ukrainian war, which led to the reduction of production or even shutdown of some auto factories, but the sales volume and penetration rate of new energy vehicles continued to increase, especially the year-on-year increase of 40% in production and sales in the UK, In addition, higher oil prices are expected to boost the economy of electric vehicle travel. 2) In March, the growth rate of EV Models in Europe continued to be better than that of PHEV. The sales volume of EV in six European countries reached 90000, an increase of 118% month on month, and the sales volume of PHEV was 45000, an increase of 49% month on month; In March, Europe impacted more than 200000 vehicles as a whole, and maintained the view of more than 2.5 million vehicles throughout the year.
In the United States, in March, the overall car market sales volume in the United States was 1.25 million, a year-on-year decrease of 22% and a month on month increase of 18%. The sales volume of new energy vehicles was 83000, a year-on-year increase of 66%, a month on month increase of 19%, and the penetration rate was 7%, which was flat; Among them, the sales volume of EV was 67000, with a year-on-year increase of 75% and a month on month increase of 18%; The sales volume of PHEV was 16000, with a year-on-year increase of 37% and a month on month increase of 25%. Specifically, the sales volume of Tesla in the United States in March was 48000, with a year-on-year increase of 108% and a month on month increase of 12%. Model 3 and model y increased by 2000 and 3711 respectively, which was also in line with expectations. The inflection point of cafe assessment, tax credit policy and model cycle in the United States from 2021 to 2022 is clear. The data trend is good in March, and the United States maintains the judgment of more than 1.3 million vehicles in the whole year.
Risk tips
1. Low expectation of terminal demand;
2. The competition pattern of the industrial chain has deteriorated.
