GAC Group posts 25.33% YoY dip in May auto sales, but export volume surge 172.4% YoY

Shanghai (Gasgoo)- GAC Group reported automobile wholesales totaling 156,518 units in May 2024, marking a 25.33% decline year-over-year. From January to May, the group's total wholesale volume reached 699,529 vehicles, representing a 24.51% decrease compared to the same period last year.

Among the vehicles GAC Group sold last month, 37,525 units were new energy vehicles (NEVs), representing a 25.51% year-on-year drop from a year earlier. For the first five months of this year, the group's NEV sales totaled 131,623 units, sliding 28.38% over the year-ago period.

Despite the downturn in overall sales, GAC Group's overseas business continues to accelerate, with car exports reaching 13,000 units in May this year, a year-on-year spike of 172.5%. From January to May, the group cumulatively exported 57,000 vehicles, marking a year-on-year surge of 240.8%.

In May, GAC AION expanded into four Southeast Asian markets, with its models launching in Singapore, Myanmar, Malaysia, and Nepal. Additionally, the Central Asian export base was launched, with the first batch of 1,000 AION Y Plus vehicles delivered to Tajikistan. Moreover, GAC Motor's two flagship models, the Trumpchi M8 and GN8, officially hit the markets in Kuwait and Mexico, respectively, further enriching the range of available models in the Middle Eastern and American markets.

Breaking down the May sales by specific subsidiaries, GAC Toyota outsold others with a sales volume of 61,088 vehicles, but still faced a 17% year-on-year dip. The other main Sino-Japanese joint venture, GAC Honda recorded a sales volume of 31,931 units, which plunged 41.31% over a year ago.

GAC Motor, the entity behind GAC Group's self-owned brand Trumpchi, achieved a wholesale volume of 32,881 units in May, a decrease of 3.55% year-over-year. Notably, it is the only one among all subsidiaries to obtain a positive year-on-year upturn in the year-to-date sales volume.

Another GAC Group's wholly-owned passenger vehicle unit, GAC AION, saw a significant drop in wholesale volume by 32.21% year-over-year, totaling 30,420 units in May.