Analysis of China's July 2024 Passenger Car Market Sales, Trends, and Exports

TapTechNews August 8th news, the China Passenger Car Association released the "Analysis of the National Passenger Car Market in July 2024" today. In July, the national passenger car market retail sales were 1.72 million units, a year-on-year decrease of 2.8% and a month-on-month decrease of 2.6%; since the beginning of this year, the cumulative retail sales have been 11.556 million units, with a year-on-year increase of 2.3%.

TapTechNews learned that in July, the retail sales of regular fuel vehicles were 840,000 units, a year-on-year decrease of 26% and a month-on-month decrease of 7%; from January to July, the retail sales of regular fuel vehicles were 6.57 million units, a year-on-year decrease of 15%. The retail penetration rate of domestic new energy vehicles in July was 51.1%.

1.06 million units of self-owned brand vehicles were retailed in July, with a year-on-year increase of 13% and a month-on-month increase of 3%. The domestic retail share of self-owned brands in that month was 61.8%, an increase of 8.5 percentage points year-on-year; in 2024, the cumulative share of self-owned brands was 57%, an increase of 7.2 percentage points compared to the same period last year. The wholesale market share of self-owned brands in July was 66.8%, an increase of 8.7 percentage points compared to the same period last year.

In July, the retail sales of mainstream joint-venture brands were 440,000 units, a year-on-year decrease of 25% and a month-on-month decrease of 8%. In July, the retail share of German brands was 17.6%, a year-on-year decrease of 2.9 percentage points, and the retail share of Japanese brands was 12.9%, a year-on-year decrease of 3 percentage points. The market retail share of American brands reached 5.8%, a year-on-year decrease of 1.9 percentage points.

In July, the luxury car retail sales were 220,000 units, a year-on-year decrease of 11% and a month-on-month decrease of 14%. The luxury brand retail share in July was 12.5%, a year-on-year decrease of 0.9 percentage points, and the retail share of the traditional luxury car market was relatively stable.

In July, according to customs statistics, theexport of automobiles was 553,000 units, a year-on-year increase of 26% and a month-on-month increase of 14%; the export amount was 9.99 billion US dollars, a year-on-year increase of 14% and a month-on-month increase of 14%. From January to July, the cumulative export was 3.48 million units, an increase of 25.5%, and the export amount was 65.1 billion US dollars, an increase of 18%.

In terms of new energy vehicles, the production in July reached 933,000 units, a year-on-year increase of 21.7% and remained the same month-on-month. From January to July in 2024, the production was 5.513 million units, an increase of 27.6%. The wholesale sales in July reached 945,000 units, a year-on-year increase of 27.6%, and a month-on-month decrease of 3.6%. From January to July in 2024, the wholesale was 5.562 million units, an increase of 29.8%.

878,000 units of new energy vehicles were retailed in July, a year-on-year increase of 36.9% and a month-on-month increase of 2.8%. From January to July in 2024, the retail was 4.988 million units, an increase of 33.7%.

In Jul y, the export of new energy vehicles was 92,000 units, a year-on-year increase of 1.3% and a month-on-month increase of 18.2%. From January to July in 2024, the export was 677,000 units, an increase of 17.8%.

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