In January 2024, the sales volume of the Chinese automotive market showed a significant growth trend. According to statistics, the production and sales of automobiles in the month were 2.41 million and 2.43 million, respectively90,000 units, an increase of 51 y/y2% and 479%。Among them, the retail sales of passenger cars reached 20350,000 units, a year-on-year increase of 574%, down 139%。
In terms of domestic brands, its performance is also impressive. In January, the sales volume of self-owned brand passenger cars reached 12780,000 units, a year-on-year increase of 686%, accounting for 60 percent of total passenger car sales4%。The sales volume of independent brands such as Changan Automobile, Geely Automobile, BYD, Chery Automobile and Great Wall Motor were 2410,000 units, 2130,000 units, 2010,000 units, 2010,000 and 1040,000 units, a significant increase from the previous year.
Looking ahead, the development trend of self-owned brand vehicles in the field of new energy vehicles and intelligence will continue, and it is expected to further increase market share. With the improvement of technology and the expansion of the market, self-owned brand vehicles will continue to enhance their influence in the international market. However, while domestic brands increase their market share, they will also face more fierce competition from joint venture brands. Therefore, domestic brands need to continue to innovate in technology, while also effectively controlling costs to cope with the competitive pressure of the market.
In January 2024, the sales growth momentum of China's auto market was strong, and the performance of domestic brands was particularly prominent. In the future, the development of self-owned brand vehicles in the field of new energy vehicles and intelligence will bring greater market opportunities, but at the same time, it will also need to face the competitive pressure of joint venture brands. In this process, continuous technological innovation and cost control will become the key to the development of independent brand vehicles.
In this era of fierce market competition, consumers' needs for car purchases are also constantly changing. They not only pay attention to the performance and quality of the vehicle, but also pay more and more attention to the environmental performance and intelligent configuration of the car. Therefore, for automobile manufacturers, only by continuously improving the quality and service of products can they gain a foothold in the market. At the same time, it is also necessary to pay attention to the changes in the market and adjust strategies in time to meet future challenges.
The policy environment will also have a significant impact on the automotive industry. For example, policy support for new energy vehicles will help promote the development of new energy vehicles. Therefore, automakers need to pay close attention to policy developments and grasp policy opportunities to achieve their own development.
The increase in sales in China's auto market in January 2024 indicates that Chinese consumers' demand for cars remains strong. The performance of own-brand cars also shows their competitiveness in the market. However, in the face of future challenges, self-owned brand vehicles need to continue to innovate and improve product quality and service quality, while also paying attention to market changes and the impact of the policy environment to achieve sustainable and stable development.