Analysis of Global Auto Sales in June 2024 and the Status of Chinese Auto Industry

TapTechNews August 4th news, according to the official public account of Cui Dongshu of the China Passenger Car Association (Passenger Car Branch), Cui Dongshu analyzed the global auto sales in June of this year yesterday. In June of this year, the global auto sales reached 7.8 million units, a year-on-year decrease of 1%, and a 4% increase from May. Compared to the peak in June 2018, it is slightly 10% lower and at a median level over the years.

In the Chinese context, TapTechNews learned that In June 2024, Chinese auto companies accounted for 33% of the global share. Cui Dongshu believes that the international chip shortage in the past two years has had a relatively small impact on the Chinese auto market, but instead has promoted the strong performance of China's auto exports, seizing a huge gap in international market supply and demand, thus obtaining a rare opportunity:

In 2024, the Chinese auto market recovered strongly. Chinese auto companies such as BYD, Chery Automobile, Geely Automobile, and Changan Automobile have the most prominent recovery effects, while Asian groups represented by Toyota and Kia still perform poorly.

From the trend point of view, from 2016 to 2018, Chinese cars accounted for about 30% of the world, decreased to 29% in 2019, but still had certain advantages. The share recovered to 32% in 2020-2021, and the Chinese share rose to 33% in 2022. In 2023, it accounted for 34%, and in the first half of 2024, the cumulative share was 33%, on par with the level over the years.