GAC Group’s auto sales drop YoY in H1 2024, but car exports still surge

Shanghai (Gasgoo)- GAC Group recently reported automobile wholesales totaling 163,509 units in June 2024, marking a 30.77% decline year-over-year. For the first half of this year, the group's total wholesale volume reached 863,038 vehicles, representing a 25.79% decrease compared to the same period last year.

Among the vehicles GAC Group sold last month, 32,474 units were new energy vehicles (NEVs), indicating a 38.25% year-on-year drop from a year earlier. For the first six months of this year, the group's NEV sales totaled 164,097 units, sliding 30.61% over the year-ago period.

Breaking down the June sales by specific subsidiaries, GAC Toyota outsold others with a sales volume of 70,072 vehicles, but still faced a 19.64% year-on-year dip. The other main Sino-Japanese joint venture, GAC Honda recorded a sales volume of 34,350 units, which plunged 43.34% over a year ago.

GAC Motor, the entity behind GAC Group's self-owned brand Trumpchi, achieved a wholesale volume of 32,784 units in June, a decrease of 20.29% year-over-year. Notably, it is the only one among all subsidiaries to obtain a positive year-on-year upturn in year-to-date sales volume.

GAC Group's wholly-owned new energy passenger vehicle unit, GAC AION, saw a significant drop in June wholesale volume by 42.92% year-over-year, totaling 25,692 units.

Despite the downturn in overall sales, GAC Group exported 68,000 vehicles in the first half of this year, marking a 190.2% year-on-year spike. The group's overseas markets now span 65 countries and regions, with GAC AION achieving full coverage in the ASEAN region.

In June, the flagship model Trumpchi M8 officially entered the UAE market, with plans to further expand into Saudi Arabia, Bahrain, and other countries.

GAC Group said it is also accelerating its localization efforts, with its Malaysian factory already in operation. On June 19, GAC AION made its debut in Indonesia, marking the beginning of its Indonesian strategy. This strategy includes phased implementation of local assembly and local R&D, positioning Indonesia as a key hub for GAC AION in Southeast Asia.

Additionally, GAC AION's first global overseas production base, the Thailand Intelligent Eco-factory, is set to be completed by mid-July.