China’s auto sales surge 47.9% YoY in January 2024

Beijing (Gasgoo)- China's automotive industry kicked off the year 2024 with notable ups and downs in auto production, sales, and exports. According to recent data from the China Association of Automobile Manufacturers (CAAM), with 2.41 million vehicles produced and 2.439 million vehicles sold, the world’s largest auto market faced a drop compared to the previous month but showed impressive year-on-year growth. 

Moreover, the spotlight was on new energy vehicles (NEVs), which continued to gain traction despite a slight setback in monthly figures in January. 

In the first month of 2024, China’s automobile production and sales saw a month-on-month decrease of 21.7% and 22.7%, but a year-on-year spike of 51.2% and 47.9%, respectively, according to statistics from CAAM. 

Passenger vehicle production and sales in January totaled a respective 2.083 million and 2.115 million unit, showing a month-on-month decline of 23.2% and 24.2%, while recording a year-on-year surge of 49.1% and 44%. 

Domestic sales of passenger cars amounted to 1.746 million unit in the past month, down 26.3% from the previous month but up by 43.3% compared to the same period last year. Meanwhile, passenger car exports stood at 369,000 units, which fell 12.4% from the previous month, yet climbed up 47.5% from that of the previous year. 

Notably, around 1.145 million units of traditional oil-fueled passenger cars were sold in China last month, representing a month-on-month decline of 15.2%, but a year-on-year jump of 26.7%.

In the high-end passenger car segment, domestically produced vehicles achieved sales of 366,000 units in January, tumbling 23.4% month over month, while rising 27.4% year over year.

In January 2024, commercial vehicle production and sales reached 327,000 units and 324,000 units respectively, with month-on-month declines of 10.7% and 11.1%, as well as year-on-year surges of 66.2% and 79.6%. 

Of the commercial vehicles sold last month, 250,000 units were sold domestically, down 12.8% from the previous month but soared 92.2% year on year. At the same time, commercial vehicle export volume came in at 74,000 units, dipping 4.9% from the previous month and spiking 46.9% from the year-ago period. 

China’s NEV production and sales in January reached 787,000 units and 729,000 units respectively, experiencing month-on-month falls of 32.9% and 38.8%, yet achieving significant year-on-year leap of 85.3% and 78.8%. Sales of NEVs accounted for 29.9% of the total figure in the past month. 

Of the NEVs sold in the first month of 2024, 629,000 units were consumed domestically, tumbling 41.8% month over month but shooting up 93.3% year on year. Meanwhile NEV exports stood at 101,000 units in January, edging down 9.8% from the previous month but jumping 21.7% from a year ago. 

Pure-electric vehicles accounted for 81.19% of the total NEVs shipped to overseas markets last month, which came in at 82,000 units, down 17.4% month-on-month yet up 5% year-on-year. Plug-in hybrid electric vehicle exports reached 18,000 units in the same period, reflecting a month-on-month surge of 52.2% and a year-on-year rise of 310%.

In January, automakers in China saw a total of 443,000 vehicles set sail to overseas market, which dropped 11.2% month on month but increased 47.4% year on year. By vehicle type, passenger car exports reached 369,000 units in the month, dipping 12.4% from a month ago yet zooming up 47.5% year on year. On the other hand, commercial vehicle export volume amounted to 74,000 units in January 2024, showing a month-on-month decrease of 4.9% and a year-on-year leap of 46.9%.

Among the top ten vehicle exporters in China, Chery’s monthly export volume reached 90,000 units, shooting up 71.5% year on year, and accounting for 20.3% of the country’s total export volume in January. Compared to the same period last year, NEV giant BYD exhibited the most significant growth in export volume, which stood at 37,000 units, and representing a 220% surger year-on-year.