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At the beginning of February this year, the China Passenger Car Association released the report on China's passenger car production and sales for the first month of 2024. Judging from this report, the domestic auto market ushered in a good start in January this year, and both the wholesale sales and terminal sales of car companies ushered in a substantial increase, with an increase of more than 40%. Among them, the new energy vehicle market is still the fastest growing segment in China, with an increase of more than 70%.
According to the data, the wholesale sales volume of the domestic passenger car market in January was 20890,000 units, an increase of 44 compared to the same period in 20234%；The terminal retail sales of passenger cars in January were 20350,000 units, a year-on-year increase of 574%。However, compared with December last year, the retail sales and wholesale sales of passenger cars in January both declined by different degrees.
In this regard, the Federation of Passenger Cars said that the difference in pre-holiday consumption time brought about by the Spring Festival. In December, there was an overdraft of some sales volumes, which affected the sales in January, and then there is the expected rebound of some models, and the reduction of local consumption vouchers and other activities to promote consumption, all of which constitute a trend that is not conducive to the volume in January.
In terms of brands, domestic brands remained strong in January this year. According to the data, the retail sales of domestic brands reached 1.12 million units in January, an increase of 77% over the same period in 2023, accounting for 55% of China's auto market1% market share, an increase of 59 percentage points. In terms of wholesale sales of automakers, domestic brands performed even more strongly in January, accounting for 60% of China's auto market5% market share, an increase of 82 percentage points.
In terms of major joint venture brands, the performance in January this year was relatively stable, with retail sales reaching 670,000 units, an increase of 43% over the same period last year. Among them, the retail market share of German brands and American brands both declined in January, at 192% and 65%, down 38% and 13%。In January this year, the market share of Japanese brands was 167%, basically the same as the same period in 2023. In terms of luxury cars, retail sales in January were 240,000 units, up 30% from the same period last year and lower than the industry average. This means that although the impact of the chip shortage on luxury cars has improved, the domestic demand for traditional luxury cars is not very strong.
Next, let's focus on the new energy vehicle segment. According to the data, the wholesale sales of new energy vehicles and the terminal retail sales of new energy vehicles in January were 6820,000 and 6670,000 units, up 76 percent year-on-year2% and 1018%。It should be pointed out that at present, the domestic new energy vehicle market segment is dominated by independent brands, which makes the sales performance of some local car companies surpass that of old joint venture car companies.
Finally, let's pay attention to the level of car companies, thanks to the rapid growth of the new energy vehicle market segment, Geely Automobile in January this year with 21With 30,000 units, BYD successfully surpassed BYD to win the sales championship of Chinese car companies. It is worth mentioning that in the top 10 wholesale sales of car companies in January, Chinese local car companies occupy 5 seats.
Among them, Geely, BYD, Chery and Changan Automobile took the top four, with monthly sales of more than 190,000 units. In terms of joint venture brands, even FAW-Volkswagen, which ranks first in this camp, sold only 15 percent of its wholesale sales in January90,000 units. For 2024, the Passenger Association believes that it is a critical year for new energy vehicle companies to gain a firm foothold, and the competition is destined to be very fierce. From the perspective of fuel vehicles, the decline in the cost of new energy and the "same price of oil and electricity" have brought huge pressure to fuel vehicle manufacturers.