China Automobile Association releases monthly production and sales data, car sales rose 0.6% in March from a year earlier
The China Association of Automobile Manufacturers released March sales and production data. In March, the auto sales reached 1.839 million units, up 0.6% year-on-year. In the first quarter of this year, cumulative sales totaled 4.769 million units, a year-on-year decrease of 3.9%.
In terms of sub-models, SUVs and large and medium-sized passengers have the highest growth rates, and heavy trucks have the largest decline
In terms of individual models, SUV sales growth still leads the models. In March, sales volume reached 176,000 units, up 25.0% year-on-year. In the first quarter, 442,000 units were sold, up 11.9% year-on-year; benefiting from the demand for school buses, sales volume of large and medium-sized passengers increased rapidly. Then, among them, 5,620 buses were sold in March, an increase of 14.2% year-on-year. The sales volume in the first quarter increased by 2.5% year-on-year, and medium-sized passenger cars sold 6,858 units in March, an increase of 9.2% year-on-year. The sales volume in the first quarter increased by 6.6%.
Listed company announcement sales, Yutong Bus and SAIC Group maintain positive growth
Among the listed companies that have announced March production and sales data, Yutong Bus performed the best, with 3396 units sold in March, up 30.3% year-on-year. In the first quarter, it sold 10,105 units, up 25.1% year-on-year; due to Shanghai Volkswagen and Shanghai GM The sales of joint ventures in March rose by 13.8% and 11.3% year-on-year, respectively. As a result, SAIC's overall sales increased by 10.4% in March from the same period in the previous year, and the cumulative growth in the first quarter was 8.1%. The sales of vehicle-listed companies that have announced the first quarter sales and production data have all shown negative growth. Among them, Jiangling Motors' sales fell by 5.0% year-on-year, Foton Motor's by 4.1% year-on-year, and Lifan's shares dropped by 9.3% year-on-year.
Negative growth in sales of self-owned brands and Japanese brands, the German Department increased by 13.4% in the first quarter of the year. In the narrow-minded passenger vehicles, sales of self-owned brands and Japanese brands showed negative growth year-on-year. In the first quarter, the sales of self-owned brand sedan was 7.118 million, a year-on-year decrease of 14.7%, and the market share was down 4.1% year-on-year. Among the joint-venture brands, the Germans performed the most strongly, with sales in the first quarter growing by 13.4% year-on-year, well above the growth rate of other departments.
Investment advice: In the short term, passenger cars will remain strong, and passenger cars and heavy trucks will still need to wait. We believe that among the various segments of the auto industry, Dazhong passengers have a certain anti-periodic characteristics due to bus and school bus needs, so they are Before the regulation and relaxation, it will remain strong in the various automotive industry segmentation segments. Although the passenger car has the characteristics of early cycles, from the perspective of Europe and the United States and domestic history, it is difficult to have a large performance when the oil price and the CPI are at a high level. The recovery of demand will need to wait until the growth rate of fixed asset investment rises again.
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