On January 12, the China Association of Automobile Manufacturers (CAAM) announced that annual vehicle production and sales in 2016 reached record highs.
Production totaled approximately 28,119,000 units, a 14.5% increase on a year-over-year (y/y) basis, while sales totaled approximately 28,028,000 units, a 13.7 rise y/y. These growth rates were 11.2 and 9.0 percentage points higher than those in 2015, respectively.
Passenger vehicles: production reached 24,421,000 units, a 15.5% increase y/y; while sales reached 24,377,000 units, a 14.9% increase y/y. The y/y growth rates were 1 and 1.3 percentage points higher than those for the overall market.
Commercial vehicles: production reached 3,698,000 units, up 8% y/y; while sales reached 3,651,000 units, up 5.8% y/y.
New energy vehicles: production totaled approximately 517,000 units, a 51.7% increase y/y; while sales totaled approximately 507,000 units, a 53% increase y/y. Production of electric vehicles (EVs) reached 417,000 units, up 63.9% y/y, while EV sales reached 409,000 units, up 65.1% y/y. Production of plug-in hybrid vehicles (PHVs) reached 99,000 units, up 15.7% y/y, while PHV sales reached 98,000 units, up 17.1% y/y.
Exports from China totaled approximately 708,000 vehicles, a 2.7% decrease y/y, with 477,000 passenger vehicles (up 11.5% y/y) and 231,000 commercial vehicles (down 23.1% y/y) shipped overseas.
CAAM forecasts that approximately 29.40 million vehicles will be sold in 2017.
(CAAM press release from January 12, 2016) 1/2