China car sales climb 8.3% in Dec, bolstered by price war
China’s passenger car sales climbed 8.3 per cent in December, bringing to a close a strong year for auto giant BYD and other domestic brands, which have been outselling their foreign rivals.
Sales came in at 2.37 million vehicles for December, the fifth straight month of gains, although growth fell back from a jump of 25.5 per cent for November, the China Passenger Car Association (CPCA) said on Tuesday (Jan 9).
Full-year sales rose 5.3 per cent to 21.93 million – the third consecutive year of growth for the world’s largest car market, amid a bruising price war as carmakers sought to woo consumers unnerved by a faltering economic recovery.
Last year also saw China almost certainly become the world’s largest exporter of passenger cars, surpassing Japan, as BYD and other local electric vehicle brands made strides overseas.
China’s passenger vehicle exports increased 62 per cent in 2023 to a record 3.83 million vehicles. Japanese customs data shows passenger car exports at 3.5 million for the first 11 months of the year, excluding second-hand vehicles.
Sales of pure battery-powered vehicles in China climbed 20.8 per cent last year after a 74.2 per cent jump in 2022. Sales of plug-in hybrids, more economically affordable than pure electrics, grew 82.5 per cent last year after a 160.5 per cent surge a year earlier. REUTERS
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Transport & Logistics
SingPost, Lithuania Post ink MOU to advance global postal network
Chinese EV giant BYD to unveil plug-in hybrid pickup in Mexico
Qantas to suspend flights to Shanghai on low demand
Major airlines sue Biden administration over fee disclosure rule
Japan’s carmakers look to China tech to claw back market share
Amazon’s Zoox probed by US after two crashes in autonomous SUVs