China’s passenger vehicle sales in 2024 forecasted to climb 1.8% YoY: Gasgoo

In 2023, China's automobile sales broke the 30 million mark, reaching 30.094 million vehicles, which represents a 12% increase compared to the previous year. According to data from Gasgoo, not many car manufacturers outpaced the overall market growth.

BYD certainly made the cut. Over the course of 2023, BYD reported sales of 3,024,417 new vehicles, witnessing a 61.9% surge year-on-year. Achieving such a rate of expansion at this scale is nothing short of remarkable, positioning BYD as one of the select few to hit their annual sales goals.

Chery Holding also hit its target for 2023. The company sold an unprecedented 1,881,316 vehicles, up 52.6% from the previous year, far exceeding the industry's average growth rate and achieving its ambitious operational goals for the year.

Geely Auto Group reached a new milestone in 2023 with total sales of 1.6865 million vehicles, an approximate 18% increase from the year before, surpassing its annual sales target of 1.65 million vehicles.

For joint-venture brands, 2023 was not an easy year. Public data shows that a decline in sales became the dominant trend among joint ventures, including notable names like Dongfeng Honda, GAC Toyota, and Dongfeng Nissan. Most joint ventures saw their sales dip compared to 2022, far from beating the market trend.

As we enter 2024, the ambitious sales targets set by various automakers signal a forthcoming battle. The Gasgoo Auto Research Institute forecasts a modest 1.8% rise in passenger vehicle sales for the year. This suggests that automakers' strategies within China will continue to evolve, not just in terms of market expansion but also through product innovation and brand development.

The "Major Automakers’ Footprint in China (2024 Edition)" released by Gasgoo earlier this year reveals China’s domestic auto industry's current factory and brand layouts. This resource aims to empower industry insiders with decision-making insights and unveil upcoming trends.