Analysis of August 2024 Passenger Car Market in China

TapTechNews September 15th news, today, Cui Dongshu, the secretary-general of the Passenger Car Association, posted that as the market price reduction and promotion efforts were large from February to April, after consumers waited for a while, their purchasing enthusiasm was gradually released. Driven by the national scrap and renewal subsidy policy, the passenger car market retail performance in August 2024 was relatively good. The manufacturer's sales in August were relatively conservative, showing the characteristics of significant destocking.

In August 2024, SUV retail increased by 1%, which was 2 percentage points better than the industry. Due to the consumption upgrade trend bringing an increase in the proportion of SUV demand, car retail decreased by 3% year-on-year, which was 2 percentage points weaker than the industry, but the car demand improved significantly compared to the previous few months. MPV retail decreased by 6% year-on-year, which was significantly 5 percentage points weaker than the industry. The performance of cars was lower than that of SUVs, mainly due to the poor performance of A0-class new energy cars, but the recent recovery of A00-class improved the car demand well.

From the perspective of structure, the low-end consumption was sluggish, while the high-end consumption was strong. The B-class in the car market performed better; while the SUV was more high-end, and the B-class and C-class SUVs were stronger year-on-year compared to last year.

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