Worldwide sales of Chinese made vehicles declined 5% to 2.45m units in August 2024 from 2.58m a year earlier, according to passenger car and commercial vehicle wholesale data compiled by the China Association of Automobile Manufacturers (CAAM).
Sales last month were underpinned by a 25% increase in exports to 511,000 units while domestic sales fell by 11% to 1,939,000 units.
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Domestic vehicle sales last month continued to be affected by sluggish economic growth in the country, with spending on large items held back by the ongoing property crisis and weakening consumer confidence. Overall GDP growth slowed to 4.7% year on year in the second quarter from 5.3% in the first quarter. Severe weather and flooding in many parts of the country also affected sales last month.
The Chinese government announced additional stimulus measures at the end of July, including doubling the one off CNY10,000 (US$1,400) subsidy introduced in April to CNY20,000 for buyers trading in their old internal combustion engine (ICE) vehicles for qualifying new battery electric vehicles (BEVs). The government had previously also taken measures to reduce down payment requirements on vehicle loans.
Global vehicle sales in the first eight months of the year were still 3% higher at 18,770,000 units from 18,210,000 a year ago, with domestic sales falling 3% to 14,775,000 units while exports surged 36% to 3,995,000 units.
Global sales of new energy vehicles (NEVs) rose 30% to 1,099,000 units in August and by 32% to 7,089,000 units year to date (YTD). Global BEV sales were up by just 9% at 4,200,000 units while PHEV sales surged by 89% to 2,889,000 units.
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By GlobalDataDomestic NEV sales rose by 36% to 6,269,000 units YTD while exports increased by 12% to 820,000 units.
Overall vehicle production rose 2% year on year to 18.67m in the first eight months of 2024. Exports inevitably would be impacted by decisions by the US, Canada and the European Union earlier this year to impose higher import duty on Chinese BEVs.
Manufacturer performance
SAIC Motor global sales plunged by 39% to 257,635 units in August 2024, with sales sharply lower across the group. Group sales were down by 19% at 2,336,073 units YTD, despite an 11% increase in NEV sales to 618,711 units, while overseas sales fell by 11% to 649,545 units. SAIC-GM-Wuling deliveries declined 3% to 730,009 units, while SAIC Volkswagen dropped 5% to 678,091 units and SAIC-GM reported a 59% plunge to 256,434 units.
BYD global sales increased by 30% to 2,328,449 units YTD, with passenger BEV sales rising by 12% to 1,004,623 units and PHEV volume surging 48% to 1,314,175 units, while commercial vehicle sales increased by 9% to 9,651 units. Overseas sales jumped 125% to 264,869 units.
Geely group’s global YTD sales increased by 22% to 2,011,392 units while Great Wall Motor sales were just slightly higher at 745,415 units driven by a 54% increase in overseas sales to 280,139 units. GAC reported a 26% sales decline to 1,152,424 units YTD.
Tesla shipments from its Shanghai plant fell by 6% to 587,437 units YTD with the brand’s retail sales in China amounting to 389,000 units.
