Preface
From January to June, retail sales of passenger vehicles rose 3.2% year-on-year, while production grew 5.3%, according to data released by the China Passenger Car Association (CPCA). Retail sales of new energy passenger vehicles, including electric and plug-in hybrids, surged 33.2% from the same period last year, contributing a lot to the overall market growth. On the contrary, the market for traditional gasoline-powered vehicles underwent a significant contraction, with retail sales declining by 13% on an annual basis, amid the popularity and fierce competition from NEVs.
In this report, Infoturbo provides an overview of the sales for each segment in the Chinese car market in the first half of 2024. Take a look!
Editorial Review
Notably, passenger vehicle exports exhibited strong growth. This has helped offset weaker domestic ICE sales and highlights the increasing competitiveness of Chinese-made products in the global market.
Looking ahead, industry analysts project overall passenger vehicle sales in China to reach 22.2-22.5 million units in 2024, a 3-3.3% increase from 2023. The market is expected to maintain stable growth in the second half of the year despite ongoing challenges.
Above all, while China's auto market faces a complex landscape, it continues to evolve with NEV growth and export opportunities balancing domestic ICE sales decline. Automakers must navigate these shifts to capitalize on emerging trends in both local and international markets.
Note:
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Infoturbo (previously known as NewsTurbo) is China's first English-language automotive news WeChat account that offers sophisticated insights into the industry, with a focus on the government's auto industry policies, and the latest tech trends like car sharing, connectivity, electrification, and autonomous driving.
