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China vehicle sales plunge 48% but EVs strong as BYD gains

Thursday, May 12, 2022

SHANGHAI (Reuters) -China's overall vehicle sales for April plunged almost 48% from a year earlier as COVID-19 lockdowns hit factories and showrooms, but sales of electric vehicles surged and Chinese brands took share from global rivals.

The monthly sales volume was the lowest for the month in a decade, underscoring the economic toll of the tough restrictions China put in place in April in Shanghai and other cities to control the spread of COVID.

The tally released on Wednesday by the China Association of Automobile Manufactuers (CAAM) includes sales to dealers of passenger cars and commercial vehicles. Retail sales of passenger cars alone dropped almost 36% in April, data released Tuesday by a separate trade group showed.

Overall, vehicle sales in the first four months of 2022 were down 12% from the same period a year earlier in the world's biggest car market, the CAAM said.

The bright spot remained sales of electric vehicles and plug-in hybrids, a fast-growing segment China has supported as "new energy nehicles", and where made-in-China brands now dominate. Sales of EVs and plug-in hybrids were up 45% in April and more than doubled over the first four months of the year from 2021 levels.

Among Chinese brands, BYD was the biggest winner, posting a 164% jump in sales in the first four months of the year, including April when its U.S. rival Tesla (NASDAQ:TSLA) was hobbled by supply constraints.

BYD, which also makes EV batteries, accounted for 32% of all batteries installed in electric vehicles in April, trailing CATL, which accounted for 38%, data from the China Automotive and Battery Innovation Alliance showed.

Shares in BYD closed up 8.3%. Shares in CATL were up 8%.

Tesla's sales plunged 98% in April with exports down to zero, as Shanghai's lockdown disrupted logistics near its plant, data released Tuesday showed.

Tesla Chief Executive Officer Elon Musk said on Tuesday he expected China's COVID restrictions to be less disruptive and that China sales would account for 25% to 30% of its overall sales in the long term.

"I had conversations with the Chinese government in recent days and it's clear that the lockdowns are being lifted rapidly," he said.

The CAAM and some private analysts said they also expected production and demand to begin to catch up in coming weeks for the losses in April, when dozens of cities were in full or partial lockdown.

Daiwa Capital Markets said in a note on Tuesday it expected major automakers would "catch up in the coming months to make up for the sales loss in April" with normal production levels in Shanghai this month.

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28-05-2022 02:03:29 (UTC+7)

EUR/USD

1.0731

+0.0007 (+0.07%)

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EUR/USD

1.0731

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 EUR/USD1.0731↑ Buy
 GBP/USD1.2623↑ Buy
 USD/JPY127.08↑ Sell
 AUD/USD0.7152Buy
 USD/CAD1.2729Buy
 EUR/JPY136.38↑ Buy
 EUR/CHF1.0279↑ Buy
 Gold1,850.88↑ Sell
 Silver22.112↑ Buy
 Copper4.3195↑ Buy
 Crude Oil WTI114.87↑ Sell
 Brent Oil115.31↑ Buy
 Natural Gas8.736↑ Buy
 US Coffee C228.65↑ Sell
 Euro Stoxx 503,808.86↑ Buy
 S&P 5004,135.80↑ Buy
 DAX14,462.19↑ Buy
 FTSE 1007,585.46Sell
 Hang Seng20,697.36↑ Buy
 Small Cap 20001,881.55↑ Buy
 IBEX 358,933.60↑ Buy
 BASF51.110Neutral
 Bayer66.58↑ Buy
 Allianz200.20↑ Buy
 Adidas179.96↑ Buy
 Lufthansa6.881↑ Buy
 Siemens AG121.86Buy
 Deutsche Bank AG10.392↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,830/ 6,940
(0/ 0) # 1,716
SJC HCM6,855/ 6,955
(0/ 0) # 1,731
SJC Hanoi6,855/ 6,957
(0/ 0) # 1,733
SJC Danang6,855/ 6,957
(0/ 0) # 1,733
SJC Nhatrang6,855/ 6,957
(0/ 0) # 1,733
SJC Cantho6,855/ 6,957
(0/ 0) # 1,733
Cập nhật 28-05-2022 02:03:31
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E5 RON 92-II29.63030.220
DO 0.05S25.55026.060
DO 0,001S-V26.35026.870
Dầu hỏa 2-K24.40024.880
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Brent$115.20-0.76-0.67%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.030,0023.340,00
EUR24.263,1125.622,23
GBP28.523,9629.740,84
JPY177,60188,03
KRW15,9119,38
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