Global sales of Chinese-made vehicles rose by 7% to 3.053 million units in October 2024 from 2.853 million units a year earlier, according to passenger car and commercial vehicle wholesale data compiled by the China Association of Automobile Manufacturers (CAAM).
Domestic sales increased by 6% to 2.511 million units in this period from 2.365 million a year earlier, as manufacturers and dealers ramped up their promotions and discounts in order to meet their full-year sales targets. This followed a 3% rise in September, with the market responding also to recent government stimulus measures aimed at strengthening domestic economic growth. GDP growth slowed to 4.6% year-on-year in the third quarter from 4.7% in the second quarter and 5.3% in the first quarter, well below the government’s growth target of 5% for 2024.
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Earlier this year the Ministry of Finance instructed local banks to reduce downpayment requirements on vehicle loans while also cutting interest rates. In July the government doubled the one-off subsidy to CNY20,000 (US$2,800) for buyers trading in their old internal combustion engine (ICE) vehicles for qualifying new battery electric vehicles (BEVs). Last month it unveiled a new stimulus package aimed at supporting the struggling property sector, strengthening bank lending and driving up consumer spending.
Global sales of new energy vehicles (NEVs), comprising mainly BEVs and plug-in hybrids electric vehicles (PHEVs), rose by 50% year-on-year to 1.429 million units in October, with PHEV sales surging by 90% to 587,000 units while BEV rose by 30% to 842,000 units. Domestic NEV deliveries rose by 56% to 1.3 million units.
Overall vehicle exports increased by 11% year-on-year to 542,000 units in October, with manufactures continuing to expand into new markets to offset growing trade frictions with North America and Europe. NEV exports increased by 4% to 128,000 units, including 104,000 BEVs (-9%) and 24,000 PHEVs (+160%)
In the first ten months of 2024 China’s global vehicle sales increased by almost 3% to 24.624 million units from 23.967 million in the same period of last year, including a 41% increase in NEV sales to 10.250 million units. Domestic sales were still down by 4% at 19.770 million units from 20.548 million, including 8.821 million NEVs (+40%).
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By GlobalDataOverall vehicle exports increased by 42% to 4.854 million units year-to-date (YTD) from 3.419 million units previously, including a 10% rise in NEV exports to 1,096 million units.
Manufacturer performances
SAIC Motor’s global sales fell by 21% to 3,051,226 units in the first ten months of 2024, with sales lower across the most of the group despite an 11% increase in NEV sales to 905,115 units. SAIC-GM-Wuling’s deliveries declined by 6% to 980,509 units, while SAIC Volkswagen’s dropped by 7% to 885,591 units and SAIC-GM’s plunged by 61% plunge to 314,748 units. The group’s overseas sales were down by 11% at 843,340 units.
BYD’s global sales increased by 36% to 3,250,532 units YTD, including an 89% jump in overseas sales to 329,073 units. Passenger BEV sales increased by 12% to 1,359,193 units, while PHEV volumes surged by 62% to 1,877,734 units and commercial vehicle sales rose by 34% to 13,605 units.
Geely group’s ten-month salesacross all brandsglobally increased by 21% to2,651,922 units, while GAC Group reported a25% sales decline to 1,520,835 units. Great Wall Motor’s sales were 2.5% lower at 970,612 units – underpinned by a 50% surge in overseas sales to 368,662 units.
Tesla’s overall shipments from its Shanghai plant fell by 4% to 744,000 units YTD, with the brand’s retail sales in China rising by over 8% to 500,685 units.
