On February 8, the China Passenger Car Association announced the passenger car market in January, and the domestic retail penetration rate of new energy vehicles was 328%, compared to 25 in January 20236% increased by 72 percentage points, but compared to 403% down 75 percentage points. From the perspective of the monthly pattern, January is a regular decline period, and the Spring Festival will gradually review the growth.
The penetration rate of new energy of independent brands is 518%, and the penetration rate of new energy of joint venture brands is 51%, indicating that the sales of domestic brands in the domestic market continued to be strong in January; The share of self-owned brand new energy retail is 703%, and the share of joint venture brand new energy is 49%；The share of new forces is 148%, an increase of 37 percentage points; Tesla share 60%, down 09 points. Independent new energy brands continue to be optimistic about the development trend, and Tesla's space continues to be squeezed.
Bright spot. 1. From the above figure, we can see that in January retail sales, BYD continued to occupy the sales champion of the passenger car market, and all passenger car sales including new energy and fuel vehicles ranked in the ranking. The latter are Changan Automobile, Geely Automobile, FAW-Volkswagen, SAIC-Volkswagen, Chery Automobile, etc., and the head of sales is basically occupied by domestic brands.
Bright spot. Second, Geely Automobile and Chery Automobile have made a good start in year-on-year growth, and the momentum is very strong. With a growth rate of more than 100%, they are the two fastest growing companies in the domestic car.
Bright spot. 3. Geely Automobile occupies the first place in the wholesale sales ranking, indicating that Geely Automobile's dealer purchase volume remained strong in January, and dealer inventory increased, more than the retail champion BYD. Geely belongs to a double-growth brand that sells and buys more, and the overall dealers have no inventory pressure.
Bright spot. Fourth, Chery Automobile occupies the sixth place in the retail ranking, with retail sales of 1070,000 units, and occupied the third place in the wholesale sales ranking, with wholesale sales of 1970,000 units. Wholesale is nearly twice that of retail, indicating that the inventory pressure of dealers is still very large, occupying the first place in the top ten.
Bright spot. Fifth, FAW-Volkswagen and SAIC Volkswagen, two twin brothers, in January both appeared that the wholesale volume was less than the retail volume, indicating that the distribution channels of these two brands are selling inventory cars, and the demand in January was weak and did not drive the wholesale volume.
In the domestic market in January, BYD, Changan, and Geely dominated the top three sales, and Chery was in a hurry, and dealers were more pressed.
The chart above shows the export of automobiles in January, as can be seen from the data and the histogram:
Bright spot. 1. Chery's exports were very rapid in January, surpassing SAIC, the export champion in the same period in 2023, and the gap widened a lot, accounting for 2% of the total export volume, indicating that Chery's exports began to make further efforts to consolidate overseas markets.
Bright spot. 2. SAIC and Tesla's exports both fell in January, showing weak overseas demand. It remains to be seen whether SAIC Motor's exports will be able to maintain their champion status this year.
Bright spot. 3. BYD's export volume doubled in January, an increase of 2 over the same period in January 20232 times, which is the fastest year-on-year growth brand. Changan Automobile also has a strong growth rate in overseas exports, which is about to catch up with the performance of SAIC, the export champion last year.
In the overseas market in January, Chery performed rapidly, with a good growth rate, and won the monthly championship in absolute sales, squeezing out SAIC, which has dominated the list for a long time. BYD and Changan, whose export growth is both rapid and have a base base, are strong players to challenge SAIC and Chery.
Overall, BYD ranked first in both total retail sales and new energy sales, and continued to maintain its dominant position last year; But Changan and Geely are strong competitors for their total sales. Chery's domestic market did not enter the top three, but its export volume won the first place; SAIC was reduced to the second echelon and continued to accept Chang'an's catch-up; BYD, Geely, and Tesla are tied for the third echelon; However, throughout the year, BYD has grown rapidly and is expected to advance to the second or even the first echelon.