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BEIJING, November 11 (TMTPOST) — China"s automobile production and sales reached 2.599 million units and 2.505 million units in October, representing month-on-month declines of 2.7% and 4%, respectively, according to the data released by China Association of Automobile Manufacturers (CAAM) on Thursday.
However, the October production and sales were 11.1% and 6.9% higher than the figures in October 2021, according to the CAAM.
In terms of new energy vehicles, production and sales in October were 762,000 units and 714,000 units, representing slight growth of less than 1 percent compared with September, but sharp increases of 87.6% and 81.7% respectively from October 2021. New energy exports in October totaled a record high of 109,000 units. By comparison, 310,000 units of Chinese new energy vehicles were exported in entire year of 2021.
Excluding exports, Chinese domestic sales of new energy vehicles in October were 605,000 units, down 8% from the previous month.
For new energy passenger cars, data from the China Passenger Car Association (CPCA) shows that new energy passenger car production stayed flat in October. Its retail sales fell 9% and wholesale sales increased slightly by 0.4% compared with September, meaning that the tightening of final consumption left car companies and dealers with increased inventory pressure.
At present, the Chinese new energy vehicle market competition is fierce. With new car makers, traditional car companies, and joint venture brands making efforts to seize the market, and the decreased car consumption amid the pandemic, Tesla has taken the first move to reduce prices.
In mid-September, Tesla announced that it would provide customers with an 8000yuan ($1,122) insurance subsidy. On Oct. 24, Tesla announced a significant price cut for the Model 3 and Model Y in China.
On Tuesday, Tesla released the insurance subsidy program again, providing two insurance subsidies of 4,000 yuan ($561) and 8,000 yuan ($1,122) respectively for a limited time.
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