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In 2023, China's passenger car market will achieve double-digit growth, with cumulative sales exceeding 25 million units.
Recently, the China Passenger Car Association released the production and sales data of passenger cars in December 2023. According to the data, in December 2023, the wholesale sales of passenger cars in China were 27140,000 units, an increase of 22 percent from the same period in 20220%；The terminal retail sales volume was 23530,000 units, an increase of 8% year-on-year5%, both hitting a new high in the same period in the past five years.
In this regard, the Federation of Passenger Cars believes that in December 2023, the auto market will be significantly stronger than the previous month, and the year-end sprint of car companies and local consumption promotion will jointly promote the hot market. In December, the first strength or with the main sales models of the market segment to exchange price for volume sprint assessment target continued to maintain a strong strength; Most of the regional car purchase subsidies will face monthly and year-end payments in January 2024, which will promote sales to maintain the tail end of the year.
For the whole year of 2023, the cumulative sales of passenger cars in China will exceed 25 million units to 2,57930,000 units, a record high, a year-on-year increase of 98%；The cumulative sales volume of terminal retail sales was 219290,000 units, an increase of 5% from the same period in 20226%。Among them, exports increased by 62% by 1.47 million compared with 2022, and retail sales increased by 1.15 million by 6%. Regarding the performance of the passenger car market in 2023, Chen Shihua, deputy secretary general of the China Association of China, said: "Passenger cars play an important role in the growth of the car market in 2023, with production and sales increasing by 96% and 106%, promoting the overall development trend of the auto market. ”
In addition, in terms of new energy, the wholesale sales of new energy passenger vehicles in December 2023 reached 11080,000 units, an increase of 475%；The cumulative sales from January to December reached 88640,000 units, a year-on-year increase of 363%。In terms of terminal retail, China's new energy vehicle sales in December were 9450,000 units, a year-on-year increase of 473%；The cumulative sales volume from January to December was 77360,000 units, an increase of 362%。
Regarding the performance of China's auto market in 2024, the China Association expects the total sales of Chinese automobiles to exceed 31 million units in 2024, a year-on-year increase of more than 3%. Among them, the sales of passenger cars were 26.8 million, a year-on-year increase of 3%; commercial vehicle sales were 4.2 million units, a year-on-year increase of 4%; New energy vehicle sales were 11.5 million units, and exports were 5.5 million units. The China Passenger Car Association also announced a similar **, which expects the overall retail sales of passenger cars to be 22.2 million units in 2024, an increase of 3% from 2023.