China LV Sales
April 2023
The Chinese market decelerated further in February. Light Vehicle (LV) wholesales amounted to 1.94mn units, which is a growth of 14% year-on-year (YoY). Passenger Vehicle (PV) wholesales came to 1.68 mn units, an increase of 11% YoY while Light Commercial Vehicle (LCV) wholesales, at 262k units, increased by 37% YoY. As for production, the total LV figure in February was also 1.94 million units, increasing by 12% YoY and 26% MoM. But the cumulative LV production from January to February fell by 14% YoY. At the component level, PV production in February increased by 12% YoY while cumulative PV production to February decreased by 14% YoY, the same as the decrease in LV overall. LCV output was 255k units, up 9% YoY but down by 17% YTD. The February selling rate was 21 mn units/year, down 11% from a weak January, and the lowest rate since the Shanghai lockdown of April 2022. In YoY terms, however, sales (i.e., wholesales) increased by 14.3% against a low base, due to the timing of the Chinese New Year.
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