28th May 2023 – (Beijing) According to industry data released by the China Association of Automobile Manufacturers, sales of Chinese-brand passenger vehicles in April surged by a whopping 81.4 percent year on year. This marks a significant increase in sales for Chinese automakers and demonstrates the growing popularity of their vehicles among Chinese consumers.
In total, 999,000 Chinese-brand passenger vehicles were sold in April, accounting for 55.2 percent of the country’s total passenger-car sales during the period. This is a significant increase from the same period last year, when Chinese brands accounted for just 34.8 percent of passenger-car sales.
The strong performance of Chinese automakers in April is part of a wider trend. In the first four months of the year, sales of domestic auto brands rose by 18.8 percent year on year to over 3.68 million units. These sales made up 53 percent of the country’s total passenger-car sales in the period, up 5.4 percentage points from the same period last year.
The surge in Chinese-brand passenger vehicle sales can be attributed to a number of factors. First, Chinese automakers have been investing heavily in research and development, resulting in improved quality and performance of their vehicles. Second, there has been a growing trend among Chinese consumers to support domestic brands, as they become increasingly proud of their country’s achievements and want tocontribute to its economic growth. Additionally, the ongoing global chip shortage has made it difficult for foreign automakers to meet demand, giving Chinese brands an opportunity to expand their market share.
Among the top Chinese automakers, Great Wall Motor Co. Ltd. reported a 90.3 percent increase in sales of its Haval SUVs in April, while Geely Automobile Holdings Ltd. saw a 23 percent increase in sales of its Lynk & Co brand. Other domestic brands such as Changan Automobile Co. Ltd. and SAIC Motor Corp. Ltd. also reported strong sales growth.
Industry experts predict that Chinese-brand passenger vehicle sales will continue to grow in the coming months, as the country’s economy recovers from the impact of the COVID-19 pandemic and domestic brands continue to improve their product offerings.