By Gabby Chen

(JW Insights) Mar 11 -- China's automobile production and sales in February reached 2.032 million and 1.976 million units, showing an increase of 27.5% and 19.8% month-on-month and a growth of 11.9% and 13.5% year-on-year, according to data released by the China Association of Automobile Manufacturers (CAAM) on March 10.

Meanwhile, the production and sales of new energy vehicles (NEVs) hit 552,000 and 525,000 units in February, 48.8% and 55.9% increase year-on-year, with a market share of 26.6%.

The rise can be attributed to policies promoting automobile consumption and car price reductions, which were introduced in various cities. Moreover, the base was relatively low given that January this year and February last year were both during the Chinese New Year holidays.

In the first two months of 2023, the production and sales of NEVs were 977,000 and 933,000, up 18.1% and 20.8% year-on-year, with a market share of 25.7%; However, the figures for automobiles were 3.626 million and 3.625 million respectively, down 14.5% and 15.2% year-on-year.

In terms of exports, the figure was 329,000 vehicles in February, marking an increase of 9.4% month-on-month and a remarkable increase of 82.2% year-on-year, according to CAAM.