China's Auto Industry Association Holds July 2024 Information Conference in Shanghai
Jul 12, 2024
On the afternoon of July 10, 2024, the China Association of Automobile Manufacturers held an information conference in Shanghai. The main contents of this conference included the automobile production and sales data and economic operation status in June 2024, and the China Automobile Industry Prosperity Index (ACI) for the second quarter of 2024. The conference was attended by Chen Shihua, Deputy Secretary-General of CAAM, and was hosted by Liu Yan, another Deputy Secretary-General of CAAM.
Since the beginning of this year, the main economic indicators of the automobile industry have shown a growth trend. Due to the relatively low base in the same period of the first quarter, the growth rate has exceeded double digits, and the overall growth rate has slowed down compared to the first quarter in the second quarter.
In the first half of the year, domestic sales increased slightly year-on-year, and terminal inventory was higher than the normal level; automobile exports continued to grow rapidly, making a significant contribution to the overall market growth, but the growth rate of new energy vehicle exports has slowed down significantly; the production and sales of new energy vehicles continued to grow rapidly, and the market share has steadily increased. According to the statistics of the association, by the end of June this year, the cumulative production and sales of domestic new energy vehicles have exceeded 30 million; the market share of Chinese brand passenger cars has exceeded 60%, achieving an upward breakthrough.
Looking forward to the second half of the year, favorable policies such as "old for new" and "new energy vehicles to the countryside" will continue to be implemented, and a large number of new products from enterprises will be launched, which will help to further release the consumption potential of the automobile market and provide support for the industry to achieve stable growth throughout the year. However, it is also necessary to see that the current domestic consumer confidence is still prominent, the situation of international trade protectionism is more severe, the industry competition is further intensified, the operating pressure of enterprises continues to increase, and the industry operation still faces relatively large pressure. Consumer confidence and market environment need to continue to be improved to help the industry operate smoothly.
Liu Jin, Deputy Director of the Industry Research Department of CAAM, released the China Automobile Industry Prosperity Index (ACI) for the second quarter of 2024.
Overall, the ACI for the second quarter of 2024 is 56, which is 1 point higher than the first quarter of 2024 and is in the green light area, indicating that the automobile industry is operating in a stable range.
Specifically, the consensus index of the automobile industry in the second quarter of 2024 is 87.42, which is 0.89 points lower than the previous quarter. Although the operation of the automobile industry has declined compared to the previous quarter, it is still running within a normal range; the leading composite index is 90.87, which is 0.16 points higher than the previous quarter. It indicates that the operation of the automobile industry in this quarter is good, and the operation of the automobile industry will continue to maintain a stable and good development trend in the future.
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