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The automotive industry maintains double-digit growth for nine consecutive years
In 2007, China's automotive industry reached a new milestone, producing 8.8884 million vehicles and maintaining a double-digit growth rate for nine consecutive years. This sustained expansion was driven by a growing domestic market and increasing consumer demand. According to the China Association of Automobile Manufacturers, production rose by 22.02% year-on-year to 8.882 million units, while sales climbed 21.84% to 8.7915 million units. The monthly production and sales ratio consistently exceeded 90%, with several months surpassing 100%.
This rapid growth occurred on an increasingly large base, with auto sales exceeding 2 million units in 2000 and reaching new million-unit levels in subsequent years. By 2007, sales had surpassed those of 2003, marking another significant step forward.
Passenger cars remained the dominant segment, with production and sales reaching 6.3811 million and 6.9275 million units respectively, both rising by over 21%. Among these, passenger cars and SUVs saw the most substantial growth. Sales of basic passenger cars hit 4.762 million, up 23.46% from the previous year, with 26% of these sales coming from domestic brands.
SUVs experienced a remarkable surge, with sales jumping 50.09% year-on-year. Four-wheel drive models grew by 51.32%, while two-wheel drive models increased by 48.78%. This growth outpaced that of traditional passenger cars by 28.41 percentage points.
While passenger car share continued to rise, commercial vehicle sales declined. However, in 2007, the commercial vehicle market showed signs of recovery, with sales reaching 2.5013 million units and 2.494 million units respectively, up 22.21% and 22.25% year-on-year.
Automobile exports also saw strong growth, with 544,000 units exported between January and November 2007, a 74.4% increase compared to the same period in 2006. Total annual exports were expected to reach 590,000 units, nearly doubling over five years. Imports also rose sharply, reaching 223,000 units from January to November, up 45.8% year-on-year.
Major automakers like SAIC, FAW, and Dongfeng maintained strong performance, producing over one million vehicles each. Their combined market share reached 17.68%, 16.33%, and 12.94% respectively.
China’s domestic demand for automobiles continued to expand, with total demand reaching 7.63 million units from January to November 2007, expected to reach 8.49 million units for the full year. This growth accounted for nearly half of global auto market expansion, according to Xu Changming.
Consumer preferences shifted toward larger vehicles, with higher displacement sedans seeing significant growth. Meanwhile, small-displacement cars faced declining sales. SUVs remained a bright spot, with urban models driving much of the market growth.
The used car market also showed promising signs, with trading volumes rising sharply. Experts predicted that second-hand car transactions would approach 3 million units in 2007. In Beijing, the ratio of new to used car transactions approached 1:1, reflecting a shift in consumer behavior.
Looking ahead, the China Association of Automobile Manufacturers projected that 2008 output would reach 10 million units, with 7.3 million being passenger cars and 2.7 million commercial vehicles. China has transitioned from a quantity-driven to a quality-driven industry, but challenges such as resource shortages and consumption structure imbalances remain key concerns.