(Yicai) Jan. 10 -- The Chinese automotive industry has not yet reached its peak, the secretary-general of the China Passenger Car Association said after CPCA data showed that retail sales of passenger cars rose 5.6 percent last year to top 20 million units.

“This is a miracle realized through the joint promotion of the domestic and overseas markets,” Cui Dongshu said yesterday.

Some 21.7 million passenger cars were sold through retail channels in China last year, up 5.6 percent from the year before, CPCA data showed yesterday. Among them, 7.7 million units were new energy vehicles, an increase of 36 percent.

Chinese brands accounted for 52 percent of the total retail sales last year, up 4.6 percentage points from the previous year. German carmakers maintained their about 20 percent market share, while Japanese and US auto brands saw their shares falling 2.3 points and 1.1 point to 17 percent and 7.3 percent, respectively.

China’s retail sales of passenger vehicles jumped 8.5 percent to nearly 2.4 million units in December from a year earlier, thanks to the boost from year-end promotional events, according to data from the CPCA. About 945,000 units were NEVs, up 47 percent in the period.

The Chinese auto market is showing signs of differentiation as the number of domestic carmakers selling more than 10,000 units in December reached 37, Cui noted. Of them, 13 reported an over 50 percent growth in retail sales from a year earlier, while the remaining 24 saw their retail sales increase by 10 percent.

Only eight Chinese carmakers logged a negative retail sales decline in December, Cui added.

As of last year, there were 195 passenger vehicles per 1,000 people in China, showing the huge potential the market still has, Cui pointed out. The Spring Festival is the peak season for automobile purchases in China, which will also boost the consumption of fuel-powered vehicles to some degree.

Cui also predicted that some 11 million NEVs will be sold this year, up around 25 percent from last year. Plug-in hybrids and extended-range electric vehicles will drive the auto market’s growth.

China’s Car Exports

China exported more than 3.8 million passenger cars last year, up 62 percent from the year before, according to data released yesterday by the CPCA. In December alone, 385,000 units were exported from China, an increase of 49 percent from a year earlier. NEV exports soared 40 percent to 102,000 units in the period.

China’s total vehicle exports jumped 60 percent to nearly 4.8 million units in the first 11 months of last year from the same period last year, the CPCA said earlier, citing data from customs authorities.

For this year, the CPCA predicted that China will export nearly 5.3 million vehicles, with the compound value of exported automobiles, auto parts, and components expected to reach USD190 billion. Both figures would likely be the highest among all countries and regions.

Editor: Futura Costaglione