On January 9, the latest data released by the Passenger Car Association showed that in December 2023, the passenger car market retailed 23530,000 units, an increase of 8% year-on-year5%, up 131%, with a total of 2,169 retail sales for the year90,000 units, a year-on-year increase of 56%。
Passenger Federation.
The reason why the retail sales of the passenger car market strengthened sharply month-on-month in December was mainly due to the joint promotion of car companies' year-end sprint and local consumption promotion measures.
It can be clearly seen that in December, car companies have increased in strength and breadth, affecting almost all manufacturers and all models, showing the characteristics of a rare year-end afterburner sprint in history. At the same time, most of the regional car purchase subsidies will face monthly and annual closure in January 2024, which will promote the end of the year.
The share of independent vehicles exceeded 50% for the first time, and the annual penetration rate of new energy vehicles reached 357%
Unexpectedly, the results of independent brands are still bright.
According to the data of the Passenger Association, the retail sales of independent brands in December were 1.24 million units, a year-on-year increase of 17% and a month-on-month increase of 8%. The share of domestic retail sales of independent brands in the month was 529%, a year-on-year increase of 4 percentage points. From the perspective of the whole year of 2023, the cumulative share of independent brands will be 52%, an increase of 4% over the same period in 20226 percentage points, which is also the first time that the annual market share of independent brands has exceeded 50%.
From the perspective of joint venture brands, the retail sales of mainstream joint venture brands in December were 790,000 units, an increase of 20% month-on-month, but still a decrease of 7% compared with the same period last year. Specifically, the retail share of German brands is 205%, the same year-on-year share;The retail share of Japanese brands was 165%, down 23 percentage points;The retail share of the U.S. brand market reached 73%, down 1. year-on-year1 percentage point.
The luxury car segment maintained a year-on-year growth trend, with 320,000 luxury car retail sales in the month, a year-on-year increase of 23% and a month-on-month increase of 18%. However, this performance seems to be due to the gradual improvement of the shortage of luxury cars affected by the shortage of chips last year.
Overall, the performance of independent brands is still relatively good, especially in the two major sectors of new energy and exports, and the data is bright.
According to the data of the Passenger Association, the retail sales of the new energy vehicle market in December were 9450,000 units, a year-on-year increase of 473%, up 121%, and the cumulative retail sales since the beginning of this year have reached 77360,000 units, a year-on-year increase of 362%。Subsequently, the domestic retail penetration rate of new energy vehicles reached 40 in December2%, compared to 29 in the same period in 20226% penetration rate increased by 106 percentage points, the annual penetration rate is 357%, an increase of 81 percentage point.
Passenger Federation.
In December, the penetration rate of new energy vehicles among independent brands was 646%；The penetration rate of new energy vehicles in luxury cars is 295%；However, the penetration rate of NEVs among mainstream joint venture brands is only 6%, and the gap between them is still obvious.
In terms of monthly domestic retail share, the retail share of self-owned brand new energy vehicles in December was 703%, down 04 percentage points;The share of joint venture brand new energy vehicles is 48%, down 22 percentage points;The share of new forces is 149%, an increase of 09 percentage points;Tesla's share was 8%, an increase of 1 year-on-year5 points.
In the month, the wholesale sales of new energy vehicles exceeded 21 (up 3 month-on-month and 8 year-on-year), accounting for 92 of the total number of new energy passenger vehicles8% (88 last month.)8%, compared to 80 in the same period last year3%）。
Among them: BYD 340,178 units, SAIC-GM-Wuling 117,533 units, Tesla China 94,139 units, Geely Automobile 60,447 units, Li Auto 50,353 units, Changan Automobile 47,330 units, GAC Aion 45,947 units, Cialis 36,270 units, SAIC Passenger Vehicle 35,024 units, Great Wall Motor 29,816 units, Chery Automobile 20,887 units, SAIC Volkswagen 20,588 units, Xpeng Motors 20,107 units, SAIC-GM 18,911 units, Leapmotor 18,618 units, NIO 18,012 units, BAIC Passenger Vehicle 12,811 units, BMW Brilliance 10,519 units, Zhiji Automobile 10,412 units, VOYAH Automobile 10,017 units, and GAC Trumpchi 10,013 units.
Focusing on exports, the export of independent brands reached 33 in December10,000 units, up 45% y/y and 3% m/m5. Joint venture with luxury brand export 540,000 units, up 81% y/y and m/m.
Previously, the Passenger Association said that the export of joint venture car companies should be accelerated. The reason is that the huge international cost advantage of Chinese joint ventures and the ability to gradually cultivate localization and improvement are already very strong, which can effectively export products to some overseas markets, and have a larger product output space without changing the original overseas retail network of international brands. At present, it seems that the export of joint venture automakers has strengthened.
It is worth noting that the export of new energy passenger vehicles in December was 1020,000 units, a year-on-year increase of 398%, an increase of 194%, accounting for 266%。BYD Auto (36,095 units), SAIC Motor (19,427 units), and Tesla China (18,334 units) were the largest exporters.
In 2023, the passenger car market will hit a new high, and in 2024, it will get off to a good start
The 2023 auto market has come to an end.
In the view of the Passenger Association, 2023 will be a year of miracles for Chinese automobiles, with car sales exceeding 30 million units, and passenger car wholesale and exports reaching a new high, allowing everyone to re-realize China's potential and market development space. "With the continuous contribution of electrification transformation and export growth, we believe that China's automobile production and sales will exceed 40 million units in the future. ”
Specific to the passenger car market, the domestic retail sales of passenger cars in 2023 will be nearly 21.7 million, due to the year-end increase of more than 6 percentage points over the same period. The Federation of Passenger Cars believes that the growth of passenger car retail sales is a serious involution of the fiasco.
The agency said that the retail of passenger cars is independent of other consumer goods, mainly because of the large consumption potential of passenger cars, in 2017, the high-growth car buyers in the car market gradually entered the replacement cycle, and the demand for additional family second cars brought by electric vehicles continued to be released, coupled with the passenger car penetration rate of only 1,000 people 195 first purchase demand is still strong, jointly promoting the continuous growth of passenger car domestic consumption.
It is worth noting that in 2023, in the domestic retail sales of fuel vehicles, only the retail sales of luxury cars increased slightly, and the domestic brands and joint venture brands declined across the boardIn the new energy sector, independent, mainstream joint ventures and luxury vehicles all grew across the board.
Passenger Federation.
Focusing on car companies, the main car companies achieved huge increases, with the top five companies increasing by 2.29 million units, accounting for 97% of the annual increase of 2.35 million units. BYD, Chery, Geely and Changan all received export increments and domestic new energy increments, while FAW-Volkswagen had a better domestic increment. Other automakers did not increase overall, but joint venture automakers such as BMW Brilliance, FAW-Volkswagen, and Jiangsu Yueda Kia achieved good year-on-year sales growth, while Volvo Asia Pacific and Chery Jaguar Land Rover also achieved positive sales growth.
So based on the above performance, what is the direction of the passenger car market in January 2024?
The Federation mentioned that there are 22 working days in January this year, which is 4 days more than the 18 working days in January 2023. "Passenger cars are consumer goods, and the consumption time before the holiday is long, and the consumption pull will be more sufficient. The effective production and sales time in January this year is very long, and the effect of a good start will be very prominent, so 2024 is a big year for consumption. ”
In addition, as mentioned earlier, the potential new buyers in China are huge. In addition, as China's exports have continued to be at the highest level in the past two years, and the wages of migrant workers have generally remained stable, the migrant workers have a strong ability to purchase cars, which has driven the low-tier car market to perform well.
The passenger association also pointed out that the car market in December was particularly strong, and part of the demand for car purchases was released early, so January should be the stage of gradually achieving stable sales, but due to the low base caused by the early Spring Festival last year and the adjustment period after the policy withdrawal, it still has great expectations for the substantial growth of retail sales in January this year.
Of course, the agency also said that the "good start" in January every year is the direction that local ** and car companies need to work together, but due to the fierce sprint in December, the inventory of dealers is high, and the pressure of destocking before the Spring Festival is greater, so the wholesale in January will be lower than the retail phenomenon.