GAC Group sees Mar. 2024 sales shrink 22.62% YoY

Shanghai (Gasgoo)- GAC Group, one of the major automobile groups in China, announced this week its monthly sales reached 179,327 vehicles in March 2024, dropping 22.62% from the previous year.

Within the group, all subsidiaries were confronted with a year-on-year downturn in their Mar. sales. Of them, GAC Motor faced the smallest YoY decline (5.59%) with 33,213 vehicles sold. Both GAC Honda and GAC Toyota posted a year-on-year drop of over 20%, selling 52,587 vehicles and 65,000 vehicles, respectively. In addition GAC AION saw its monthly sales slide 30.4% over a year earlier to 27,856 units.

In the new energy vehicle (NEV) sector, GAC Group also faced a 23.76% decline from a year ago with 33,604 units sold last month.

For the first quarter of 2024 (Q1 2024), GAC Group sold 409,698 vehicles in total, indicating a 24.11% year-on-year decrease. Among its subsidiaries, GAC Motor was the only one to gain a positive year-on-year growth (2.25%) in Q1 sales, which stood at 85,484 units. In addition, GAC Honda, GAC Toyota, and GAC AION all encountered a two-digit YoY downturn.

Of the vehicles the group sold in the first three months, 66,753 units were contributed by the NEV sector, marking a 23.23% fall compared to the same span in 2023.