Cui Dongshu: Domestic car imports in August were 74,700 units, a year-on-year decrease of 1%

Zhitong Finance APP learned that on September 23, Cui Dongshu, secretary-general of the Passenger Car Association, issued a document stating that from January to August 2023, 487,000 imported cars were imported, a year-on-year decrease of 19%. Domestic car imports in August were 74,700 units, a year-on-year decrease of 1%. Auto imports have gradually picked up recently, with August hitting a new import high this year. Although the domestic luxury car market is generally good, China's imported car imports continue to decline at an average annual rate of about 10% from 1.24 million units in 2017 to only 885,000 units in 2022. The demand in the domestic high-end market from January to August 2023 is good, but the import volume of passenger cars is only 480,000 units, a year-on-year decrease of 20%, which is still lower than the low point of import volume in the past ten years. From January to May this year, imports of imported cars dropped sharply and exceeded expectations, while imports from June to August rebounded. In an environment where the supply chain continues to improve, the import of Japanese ordinary hybrid passenger cars has gradually resumed.

Cui Dongshu said that the core driving force for the growth of the import market is still the consumption upgrade of passenger cars. Therefore, compared with ordinary fuel vehicles, the trend of luxury cars and imported cars is generally very good. However, the electrification transformation has changed the demand for fuel vehicles. Imported fuel Demand for cars has also dropped significantly. As international relations continue to become more complex, it is still necessary to take precautions to establish more import models and maintain a reasonable scale of imported cars.

1. Overall trend of China’s automobile imports

1. Characteristics of growth rate of automobile imports

After the sharp decline in the world economic downturn in 2013-2015, the import growth rate stabilized and improved slightly in 2016-2017, continued to decline from 2018-2020, and stabilized slightly in 2021. The recovery trend of imported cars in 2022 was affected by the epidemic. Influence. The scale of imports will decrease sharply in 2023. From January to August, imports were only 490,000 units, a year-on-year decrease of 19%. The current monthly import volume remains at an average monthly level of about 60,000 units.

The imported car market will stabilize in 2021, with annual import volume of 930,000 units, a year-on-year decrease of 0%.

In 2022, automobile import volume will reach 885,000 units, a year-on-year decrease of 5%, which is a larger decrease compared to the import volume in 2020.

From January to August 2023, 487,000 imported cars were imported, a year-on-year decrease of 19%. In August, 74,700 cars were imported, down 1% year-on-year. Car imports have gradually picked up recently.

Taking into account the insufficient international supply caused by the early epidemic and chip shortages, international automobile production has recently picked up, and there is still great potential to increase the increase in imported cars to restore growth throughout the year.

2. Monthly trend of vehicle imports

Imported passenger cars have returned to normal after the epidemic. Judging from the monthly trend, imports in recent years still show seasonal characteristics, showing a trend of rising in summer and peaking and falling on a roller coaster.

Imports from January to May 2023 will be significantly lower than in 2022, and import trends will pick up from June to August.

3. Structural characteristics of imported automobiles

The imported car market from 2017 to 2019 is relatively stable. In 2023, 487,000 complete vehicles will be imported, a larger decline than in 2022. Traditional trucks and buses in the past two years