Image Source : China Visual

BEIJING, January 30 (TMTPOST) —— The sales of Chinese brand passenger cars in December 2022 reached 1.287 million units, up 14% month-on-month and 12.7% year-on-year, according to data released by the China Association of Automobile Manufacturers (CAAM) recently.

The sales of Chinese brand passenger cars accounted for 56.8% of the total sales of passenger cars in December 2022, 2.5 percentage points higher than that in the previous month and 9.8 percentage points higher than that in the same period last year.

In 2022, a total of 11.766 million Chinese brand passenger cars were sold, up 22.8% year on year, accounting for 49.9% of the total passenger car sales, 5.4 percentage points higher than the same period last year, a new high in recent years.

In December 2022, Chinese brands held 49.7 percent of the market for sedans, 61.9 percent for SUVs, and 63.4 percent for MPVs. Compared to the previous month, domestic brands' market share for MPVs decreased, while sedans and SUVs showed growth. Compared to the same period last year, the market share of the Chinese brand MPV declined, and that of Chinese brand sedans and SUVs both increased.

In 2022, the market share of Chinese brand sedans was 41.6 percent, and that of SUVs and MPVs was 55.9 percent and 60.6 percent, respectively.

Driven by a strong consumer market, the size of China's passenger car market has maintained over 20 million units for eight straight years, with continuous positive growth starting in 2020.  In recent years, high-end traditional fuel vehicles and new energy vehicles are gradually taking up the passenger car market, according to Chen Shihua, the deputy secretary-general of the CAAM.

Chen also said that despite the impact of the chip shortage and the spread of the coronavirus in 2022, the Chinese brand passenger car market experienced rapid growth, driven by incentives such as cutting the purchase tax by half, coupled with the rapid growth of new energy vehicles and the good momentum of automobile exports.