Source: Visual China

China exported 337,000 vehicles In October, increasing 12.3% from the previous month and 46% from a year earlier, according to China Association of Automobile Manufacturers (CAAM). Among the record high exports, new energy vehicles (NEVs), the booming sector including battery electric vehicles and plug-in hybrid electric vehicles, grew 81.2% year-over-year (YoY) to 109,000 units, an increase of 120% from September. During the first ten months of the year, China’s auto exports totaled 2.456 million units with a 54.1% YoY growth, of which NEVs surged 96.7% in a year to 499,000 units.  

CAAM data showed the overall outputs in the country rose 11.1% YoY to 2.599 million units and sales up 6.9% to 2.505 million units in October, while the production and sales saw monthly declines, down 2.7% and 4% respectively. The decline resulted from headwinds including Covid pandemic, weighing the end market and dragging down both production and sales down from September, CAAM commented. However, NEVs maintained the trend of record-setting as outputs and sales that month reached new highs of 762,000 units and 714,000 units respectively, representing YoY increases of 87.6% and 81.7%.  

Earlier this week, the China Passenger Car Association (CPCA) revealed red flags in its recent data. The retail sales of passenger cars gained 7.3% YoY to 1.84 million units but dropped 4.3% from September, suggesting the first monthly decline in a year’s traditionally peak season since 2013, according to the industry body. October witnessed NEV retail sales of 556,000 units with a 75.2% YoY growth, shedding 9% from a month ago. CPCA cautioned the potential cooling consumer spending under the looming recession. The association expected the aggressive rate hikes of U.S. Federal Reserve these months to lead to worldwide economic recession and the oil price plunge, which accordingly could significantly curb NEV purchases since the cheaper gasoline may encourage consumers back to traditional fuel vehicles.

While posting new NEV records, CAAM also expressed concerns that automakers faces uncertainties in the future. It noted the purchase tax exemption for NEVs to expire in the end of 2023, and it’s unclear whether the purchase tax cut for low-emission passenger vehicles to be extended into next year.

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