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China's auto sector maintains fast-growing momentum in Q1
Time: 2024-04-17 views: 150 Keywords:automobile market precisioner china die casting HPDC die-casting

China's auto market expanded notably in the first quarter of the year, with sales and exports seeing double-digit growth.


During the period, auto sales rose 10.6 percent year on year to 6.72 million units, data from the China Association of Automobile Manufacturers showed Wednesday.


China's auto sector maintains fast-growing momentum in Q1


The auto output increased 6.4 percent year on year to about 6.61 million units.


Passenger vehicle production rose 6.6 percent year on year to nearly 5.61 million units, and passenger vehicle sales increased 10.7 percent year on year to 5.69 million units.


The output and sales of commercial vehicles rose 5.1 percent and 10.1 percent, respectively.


The data showed that the production and sales of new energy vehicles (NEVs) maintained rapid momentum during the period.


The NEV output surged 28.2 percent year on year to nearly 2.12 million units and NEV sales climbed 31.8 percent year on year to 2.09 million units.


Auto exports rose 33.2 percent year on year to over 1.32 million units, the data showed.


The auto market got off a good start in the first quarter, with enterprise production and operation activities accelerating after the Spring Festival, the purchasing managers' index for the manufacturing sector bouncing back to the expansion zone in March, and market expectations continuing to improve, the association noted.


However, it warned that the sector still faces the challenge of insufficient domestic demand, and expressed its hope that national policies would continue to stimulate auto consumption potential, stabilize industry expectations, and support the sector's high-quality development.




Source: Xinhuaa
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