March 10,2023-China Association of Automobile Manufacturers (CAAM) released the economic operation of the automobile industry in February 2023. In February 2023, the production and sales of 100 and 40 fuel cell vehicles were completed respectively, down 53.1% and 77.5% year-on-year respectively. From January to February, the production and sales of fuel cell vehicles totaled 170 and 200 units respectively, down 51.4% and 45.6% year-on-year respectively.

At the moment, effective domestic demand has not been fully unleashed, and the preferential purchase tax policy of traditional fuel cars, as well as the withdrawal of new energy subsidies at the end of last year, have shaped the impact of advanced consumption.

The recovery of China's vehicle consumption is still lagging, with cumulative production and sales falling considerably in the first two months compared to the same period last year.

February 2023, China’s new energy vehicles production and sales were 552,000 and 525,000 units, respectively, up 48.8% and 55.9% year on year, with a market share of 26.6%. From January to February, new energy vehicles production and sales were 977,000 and 933,000, respectively, increasing 18.1% and 20.8% year on year, with a market share of 25.7%.

Source: CAAM