July 2024 Auto Market Update BYD Leads, New Energy Penetration Rates Rise

TapTechNews August 9th news, according to the latest retail sales data statistics of the Passenger Car Market Information Joint Branch of the China Automobile Dealers Association, the retail sales volume of the domestic narrow passenger car market in July reached 1.72 million units, a year-on-year decrease of 2.8% and a month-on-month decrease of 2.6%.

The Passenger Car Association released the rankings of manufacturers' wholesale and retail sales in July 2024 today. BYD is far ahead and has almost won all the championship lists.

In terms of new energy vehicles, BYD Auto, Geely Auto, Li Auto, Tesla China, Changan Auto, SAIC-GM-Wuling, SERES Auto, Chery Auto, GAC Aion, and Leapmotor ranked in the top ten.

The data of the Passenger Car Association shows that the national passenger car market retail in July was 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 is 11.556 million units, an increase of 2.3% year-on-year. Among them, the retail of regular fuel vehicles in July was 840,000 units, a year-on-year decrease of 26% and a month-on-month decrease of 7%; from January to July, the retail of regular fuel vehicles was 6.57 million units, a year-on-year decrease of 15%.

In July, the domestic retail penetration rate of new energy vehicles was 51.1%, which was 15 percentage points higher than the penetration rate of 36.1% in the same period last year. The wholesale penetration rate of new energy vehicle manufacturers was 48.1%, which was 12.4 percentage points higher than the penetration rate of 35.7% in July 2023. TapTechNews noticed that in July, the penetration rate of new energy vehicles of domestic independent brands was 62.6%; the penetration rate of new energy vehicles in luxury cars was 37.2%; while the penetration rate of new energy vehicles in mainstream joint venture brands was only 8.1%.

In domestic retail in July, the penetration rate of new energy vehicles in independent brands was 73.9%; the penetration rate of new energy vehicles in luxury cars was 27%; while the penetration rate of new energy vehicles in mainstream joint venture brands was only 8.3%.

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The Passenger Car Association: The national passenger car market retail in July was 1.72 million units, with a year-on-year decrease of 2.8%.