Apr automobile output, sales both surpass 10m for first time

May 13, 2025 06:48:48 PM
Tag :   s   million   percent   year-on-year

Home>>

China’s Jan-Apr automobile output, sales both surpass 10m for first time

(Global Times) 09:57, May 13, 2025

Apr automobile output, sales both surpass 10m for first time

Wu credited the success of Chinese automakers to years of supply chain optimization and pioneering advancements in electrification and intelligent technologies.

Five favorable factors are expected to support the vehicle sector this year, Xu Haidong, deputy chief engineer at the CAAM, said in January at a press conference.

Xu cited the accelerated release of macroeconomic policies and their impact on the sector's vitality, the sustained impact of the equipment upgrade and consumer goods trade-in programs, the continuation of the purchase tax exemption for NEVs, the ongoing expansion of overseas market opportunities, and significant achievements in supply-side structural reforms.

According to the Ministry of Commerce (MOFCOM), as of Sunday, the number of applications for vehicle trade-in subsidies had reached 3.225 million, including 1.035 million for scrapping and updating vehicles and 2.19 million for replacement updates. Since the implementation of the vehicle trade-in policy in 2024, the cumulative number of subsidy applications has exceeded 10 million.

The vehicle trade-in policy has effectively boosted the growth of automobile consumption. Green and intelligent consumer models are particularly favored, with NEVs accounting for more than 53 percent of the trade-ins thus far this year, CCTV News reported.

Meanwhile, China is sharing its vast market with multinationals.

"In the consumer goods trade-in program, we treat foreign enterprises equally and support their participation," said Li Weizheng, a MOFCOM official, on January 7 at a press conference.

In vehicle trade-in programs, new vehicles of foreign brands accounted for about 35 percent of sales in 2024, driving relatively rapid growth for foreign automakers in China, said Li.

This year's good start was achieved on a high base in 2024. China's total automobile production and sales have ranked first globally for 16 consecutive years, said the CAAM.

China's automobile production reached 31.282 million units in 2024, up 3.7 percent year-on-year, while sales totaled 31.436 million, up 4.5 percent year-on-year, setting new records and maintaining a scale above 30 million units, according to the CAAM.

The output and sales of NEVs witnessed significant growth in 2024. For the full year, NEV production totaled 12.888 million units, a year-on-year increase of 34.4 percent, and sales totaled 12.866 million, up 35.5 percent. NEV sales accounted for 40.9 percent of total new vehicle sales, up 9.3 percentage points from 2023.

(Web editor: Zhong Wenxing, Liang Jun)

Related news

Copyright © 2020 PE News Internet Ventures. All rights reserved.Privacy Policy | About us