In the first quarter of 2024, the Chinese automotive industry started steadily, laying a solid foundation for the whole year.
Robust Growth Trend
Specifically, both passenger and commercial vehicle production and sales are showing a robust growth trend. The rapid development trend of electric cars continues, with a stable market share of 30% in China. The country’s overall vehicle exports remain at a high level, continuing to play an active role in driving industry growth. Meanwhile, domestic Chinese brands maintain their growth momentum and retain a higher market share.
Production and Sales Data Overview
According to data from the China Association of Automobile Manufacturers (CAAM), in March alone, China produced a total of 2.687 million vehicles, an increase of 78.4% compared to the previous month and a 4% increase from the same period last year. In the same month, Chinese automakers sold approximately 2.694 million vehicles, marking a staggering 70.2% year-on-year increase and a 9.9% month-on-month growth. For the first quarter of this year, China’s cumulative vehicle production and sales reached 6.606 million and 6.72 million units, respectively, representing year-on-year growth rates of 6.4% and 10.6%.
Performance of the Electric Vehicle Market
In the past month, Chinese automakers produced and sold 863,000 and 477,000 electric vehicles, respectively, marking year-on-year increases of 28.1% and 35.3%. March saw electric vehicle sales reach 758,000 units, representing a 92.1% month-on-month growth and a 32% year-on-year increase. Concurrently, China exported 124,000 electric vehicles to overseas markets last month, marking year-on-year growth rates of 52% and 59.4%, respectively. For the first three months of 2024, China’s electric vehicle production and sales reached approximately 2.115 million and 2.09 million units, with year-on-year growth rates of 28.2% and 31.8%, respectively. During this period, electric vehicles accounted for 31.1% of the total national automobile sales. In the first quarter of 2024, domestic electric vehicle sales reached 1.783 million units, showing a 33.3% year-on-year increase. Additionally, electric vehicle exports in the first quarter reached 307,000 units, marking a 23.8% year-on-year growth.
China Automobile Export Data
In March 2024, China exported 502,000 vehicles to overseas markets, marking a 33% month-on-month increase and a 37.9% year-on-year increase. Of the vehicles exported last month, approximately 424,000 were passenger cars, showing month-on-month and year-on-year growth rates of 34.6% and 39.3%, respectively. Meanwhile, the export volume of commercial vehicles amounted to 78,000 units, achieving month-on-month and year-on-year growth rates of 24.9% and 31%, respectively. For the first quarter of 2024, China’s cumulative automobile export volume reached 1.324 million units, reflecting a 33.2% year-on-year increase. From the beginning of the year to date, passenger car exports totaled approximately 1.11 million units (up by 34.3% year-on-year), while commercial vehicle exports amounted to approximately 214,000 units (up by 27.5% year-on-year).
Brand Performance
In terms of individual automobile brands, in March 2024, SAIC Group surpassed Chery to claim the title of monthly export champion, with overseas sales reaching 96,000 units, marking a 10.6% year-on-year increase. It is worth noting that SAIC Group’s export volume over the past month accounted for 19.1% of China’s total automobile exports. Additionally, Chinese electric vehicle giant BYD achieved outstanding growth in automobile exports. In March, BYD shipped 39,000 units to foreign markets, representing a remarkable 1.7-fold year-on-year increase.
