MIIT: Economic Operation of the Automobile Industry in May 2024

In May 2024, my country's automobile production and sales will reach 2.372 million and 2.417 million respectively, up 1.7% and 1.5% year-on-year. Among them, the production and sales of new energy vehicles will reach 940,000 and 955,000 respectively, up 31.9% and 33.3% year-on-year respectively.

1. Auto sales in May increased by 1.5% year-on-year

In May, automobile production and sales reached 2.372 million and 2.417 million units respectively, up 1.7% and 1.5% year-on-year respectively.

From January to May, automobile production and sales reached 11.384 million and 11.496 million respectively, up 6.5% and 8.3% year-on-year respectively.

1. Passenger car sales in May increased by 1.2% year-on-year

In May, the production and sales of passenger vehicles reached 2.051 million and 2.075 million respectively, up 2% and 1.2% year-on-year respectively.

From January to May, the production and sales of passenger vehicles reached 9.709 million and 9.765 million respectively, up 7.1% and 8.5% year-on-year respectively.

(II) Commercial vehicle sales in May increased by 3.3% year-on-year

In May, the production and sales of commercial vehicles reached 321,000 and 341,000 respectively, with production down 0.2% year-on-year and sales up 3.3% year-on-year.

From January to May, the production and sales of commercial vehicles reached 1.675 million and 1.731 million respectively, up 3.1% and 7.1% year-on-year respectively.

2. New energy vehicle sales in May increased by 33.3% year-on-year

In May, the production and sales of new energy vehicles reached 940,000 and 955,000 respectively, up 31.9% and 33.3% year-on-year respectively; the sales of new energy vehicles accounted for 39.5% of the total new car sales.

From January to May, the production and sales of new energy vehicles reached 3.926 million and 3.895 million respectively, up 30.7% and 32.5% year-on-year respectively; the sales of new energy vehicles accounted for 33.9% of the total new car sales.

3. From January to April, the operating income of the automobile manufacturing industry increased by 7.5% year-on-year

From January to April, the added value of the automobile manufacturing industry increased by 11.3% year-on-year; the operating income reached 3,074.19 billion yuan, a year-on-year increase of 7.5%; and the total profit reached 142.79 billion yuan, a year-on-year increase of 29%.

IV. Automobile exports in May increased by 23.9% year-on-year

In May, the export of automobiles reached 481,000 units, a year-on-year increase of 23.9%, and the export of new energy vehicles reached 99,000 units, a year-on-year decrease of 9%.

From January to May, 2.308 million vehicles were exported, up 31.3% year-on-year, and 519,000 new energy vehicles were exported, up 13.7% year-on-year.

(Note: The above data comes from the China Association of Automobile Manufacturers.)

Source: Equipment Industry Department I, Ministry of Industry and Information Technology