Highlights of auto market in March
In March, the auto market was stable and upward, and the penetration rate of new energy passenger vehicles reached 24.7%
Affected by the epidemic factors in Shanghai, Jilin and other places, the year-on-year growth rate of the auto market in March was under short-term pressure. However, due to the recovery of chip supply compared with February, the auto market showed a stable upward trend in March. Automobile sales volume in March was 2.234 million, with a year-on-year increase of – 11.7% / month on month increase of + 28.4%. The sales volume of new energy vehicles in March was 484000, with a year-on-year increase of + 114.1% / month on month increase of + 43.9%. The penetration rate of 22m3 new energy passenger vehicles reached 24.7%, with a month on month increase of + 3.1%.
Electrification boosted independent sales by 25.7% year-on-year
In terms of price, the market below 50000 yuan recovered in March, the market trend of 15 Fawer Automotive Parts Limited Company(000030) 0000 passenger cars continued to improve, and the penetration rate of new energy in the market above 200000 yuan increased significantly.
By department, the sales volume of 22m3 German and American Series decreased year-on-year. The overall sales volume increased with a year-on-year growth rate of 25.7%, contributing to the sales volume of 913000 vehicles. The product power and competitive will of independent car enterprises represented by Chang’an, Geely, great wall and Byd Company Limited(002594) continued to improve, with 22m3 independent passenger cars accounting for 49% of the market, contributing to the steady growth of the market and the main sales volume.
The epidemic restricts the release of independent leading production and marketing, and the resumption of work is imminent. 22h2 is expected to start a new round of industrial recovery
The epidemic blocked the supply chain and put short-term pressure on the production and sales of passenger cars. In March, the wholesale sales volume was – 0.6% year-on-year, down 10.0% from the 9.4% expected at the beginning of the year. In terms of factorial decomposition, the lack of core and the epidemic contributed – 5.4% and – 4.6% respectively.
The resumption of production and work in Shanghai and Jilin has been gradually promoted. At present, Jilin has been fully socialized, FAW has fully started to resume work, and the resumption of supply chain production and work has been steadily promoted; Shanghai auto enterprises are steadily promoting the resumption plan. The pent up demand during the epidemic will be released one after another after returning to work, and the recovery of a new round of automobile cycle of 22h2 will be more certain.
Risk tip: the squeeze of real estate on consumption and the higher than expected rise of raw material costs have restored the low gross profit margin of the industry; The global supply of chips is less than expected, resulting in a shortage of chips; The market recovery was less than expected
