In February 2024, according to the latest data, at the beginning of the new year, the sales of many joint venture car companies increased significantly year-on-year, changing the decline in sales in 2023. Guangqi Honda, GAC Toyota, Beijing Hyundai, Yueda Kia, Dongfeng Dongfeng Automobile and other mainstream joint venture brands have achieved double-digit sales growth year-on-year, among which Dongfeng Honda, Dongfeng Nissan, and Changan Mazda have doubled their sales.
After experiencing a decline in sales in 2023, the recovery in sales of joint venture automakers at the beginning of 2024 has undoubtedly brought a glimmer of hope to the entire industry. In this regard, Lin Xi, secretary general of the China-Europe Association for Intelligent Connected Vehicles, said that the adjustment of the purchase tax on new energy vehicles may be a key factor in driving this change. However, despite the recovery in sales of joint venture automakers in early 2024, Cui Dongshu, secretary general of the Passenger Car Market Information Association, said that the pressure on joint venture automakers for the rest of the year is still very high. He pointed out that this is mainly due to the fact that the transformation of joint venture car companies in the new energy vehicle market is not smooth.
Dongfeng Nissan sold 7 percent in January60,000 units, a year-on-year increase of 1156%；Dongfeng Honda's sales in January were 650,000 units, a year-on-year increase of 1133%；GAC Toyota's sales in January were 720,000 units, a year-on-year increase of 176%；Guangqi Honda's sales in January were 570,000 units, a year-on-year increase of 41%; Changan Mazda's sales in January were 120,000 units, up 219% y/y. These Japanese automakers have all achieved sales growth, and the growth rate is relatively high, especially Changan Mazda, which leads the way.
Although the sales of joint venture automakers have picked up in early 2024, the challenges they face are still severe. Under the general trend of new energy vehicles, joint venture car companies need to accelerate the pace of transformation to adapt to market changes.