Review of the Chinese market (PC+UV) over the first six months of 2022
- The Chinese automobile market (PC+UV) fell by 6.5% in the first half of 2022 compared to the first half of 2021, to 12.05 million units compared to 12.88 million, and by 2.2% compared to in the first half of 2019, but this drop is attributable solely to commercial vehicles (UVs) which saw their sales fall by more than 40% over this period, while passenger cars (PCs) saw their sales continue to grow (+3, 5%). China is also the only major global market to grow in the first half of 2022, with all markets showing a drop of more than 10% on average.
- In terms of bodywork, sales of sedans and SUVs were balanced in the first half of 2022, with 4.93 million sedans (+6%) and 4.89 million SUVs (+3%). Minivans (385,000 units) and minivans (153,000 units) continue to become scarce, with a respective drop of 15.7% and 13.7%.
- The decline in commercial vehicle sales is a consequence of the decline in economic growth in China, linked both to a slowdown in world trade due to the consequences of the war in Ukraine (Russia and Ukraine are major suppliers of essential products) and the successive confinements observed in China in recent months. The WTO has thus revised downwards its growth forecast for international trade in goods for 2022, to 3% instead of 4.7% previously. In this context, Chinese brands are making strong progress on the Chinese market, now accounting for 49% of PC sales and 56% of PC+UV sales. The share of foreign manufacturers is therefore shrinking accordingly, despite the arrival of Tesla.
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