The first quarter started well, with automobile production and sales hitting a new high since 2019

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With the release of data for March 2024, the signs of recovery in China’s automobile market have become increasingly obvious, especially the rapid growth of new energy vehicles and the rise of independent brands, which have brought new vitality to the entire industry.

According to analysis by the China Association of Automobile Manufacturers, after the Spring Festival, corporate production and operation activities accelerated, the manufacturing industry boom significantly expanded and returned to the expansion range, and market expectations continued to improve. In the first quarter, the economic operation of the automobile industry started smoothly and achieved a good start. Automobile production and sales reached a new high in the first quarter since 2019.

Overall market performance: Stable and improving

According to the latest data released by the China Association of Automobile Manufacturers (hereinafter referred to as “China Association of Automobile Manufacturers”), in the first quarter of this year, automobile production and sales completed 6.606 million units and 6.72 million units respectively, a year-on-year increase of 6.4% and 10.6% respectively. Among them, domestic automobile production and sales in March reached 2.687 million units and 2.694 million units respectively, achieving double growth month-on-month and year-on-year. These data show that after a short adjustment period during the Spring Festival, market demand has rapidly picked up, and consumers’ enthusiasm for car purchases has been effectively released.

From the perspective of the overall market, in the first quarter, the economic operation of the automobile industry started smoothly and achieved a good start. Chen Shihua, deputy secretary-general of the China Association of Automobile Manufacturers, pointed out that after the Spring Festival, corporate production and operation activities accelerated, the manufacturing industry boom expanded significantly and returned to the expansion range, and market expectations continued to improve. At the same time, a large number of new cars were launched after the holiday, offline activities such as auto shows were carried out one after another, and some regions introduced promotional policies such as trade-in for old ones, driving car sales to show rapid month-on-month growth year-on-year.

Specifically, automobile production and sales showed rapid growth, with both passenger cars and commercial vehicles performing well; new energy vehicles continued to grow rapidly, with a stable market share of 30%; vehicle exports remained at a high level, providing a boost to the industry. Growth continues to play a positive role; Chinese brands continue to rise and market share remains high.

In terms of market segments, in March, the market share of Chinese brand passenger cars was nearly 60%. A total of 1.326 million Chinese brand passenger cars were sold, a year-on-year increase of 26.1%, accounting for 59.3% of the market share. In the first quarter, Chinese brand passenger cars sold a total of 3.392 million units, a year-on-year increase of 26.4%, accounting for 59.6% of the market share.

Export market: becoming a new engine of growth

Import and export data is an important indicator to measure the international competitiveness of a country’s automobile industry, and the latest import and export data of China’s automobile industry are eye-catching. Data released by the China Association of Automobile Manufacturers showed that in March, 502,000 vehicles were exported, a month-on-month increase of 33% and a year-on-year increase of 37.9%.

Complete vehicle exports remain at a high level and continue to play a positive role in driving industry growth. Among them, China’s self-owned brand automobile exports performed strongly. Among the top ten companies exporting complete vehicles, SAIC ranked first in terms of export volume, reaching 95,000 vehicles, a year-on-year increase of 10.6%, accounting for 19.1% of the total export volume; compared with the same period last year, BYD’s export growth rate was the most significant. Exports reached 39,000 vehicles, a year-on-year increase of 1.7 times.

It is worth thinking about that the growth of China’s automobile export market shows the increasing competitiveness of Chinese automobile brands in the international market. The substantial growth in the export of new energy vehicles, especially the outstanding performance of independent brands in overseas markets, shows that China’s technological innovation and brand building in the field of new energy vehicles have begun to be recognized by the international market. However, as competition in the global automobile market intensifies, especially in mature markets such as Europe and the United States, Chinese automobile brands are facing higher technical standards and consumer expectations. How to further improve the technical content and quality of products while maintaining cost advantages will also be an important test that Chinese automobile brands need to face.

New energy vehicles: continue to lead growth

Since the beginning of this year, the strong growth momentum of new energy vehicles has not only continued, but also the market share has steadily increased.

Data show that in the first quarter, the production and sales of new energy vehicles were 2.115 million and 2.09 million respectively, a year-on-year increase of 28.2% and 31.8% respectively, and the market share reached 31.1%. Among them, in March, the production and sales of new energy vehicles were 863,000 and 883,000 respectively, a year-on-year increase of 28.1% and 35.3% respectively, with a market share of 32.8%.

As Chinese automobile brands continue to “go global” and product quality and technical levels continue to improve, the international competitiveness of Chinese automobiles has significantly increased. In March, automobile export volume hit a record high, with the growth of new energy vehicle exports being particularly significant.

In March, 124,000 new energy vehicles were exported, a year-on-year increase of 59.4%. The achievement of this achievement not only reflects the improvement of the overall strength of China’s automobile industry, but also indicates that the position of China’s automobiles in the global market will be further strengthened.

Looking to the future: Policies such as “old for new” will stimulate consumption potential

The automobile industry is a pillar industry of the national economy and plays an important role in stabilizing growth and employment. Overall, the performance of China’s automobile market in March 2024 not only reflects the huge potential of China’s automobile industry, but also reflects the challenges it faces. While new energy vehicles lead market growth, the rise of independent brands marks that China’s automobile industry is moving towards higher quality and higher technology levels.

Looking forward to the second quarter, Chen Shihua, deputy secretary-general of the China Association of Automobile Manufacturers, said that with the detailed implementation of policies such as “old-for-new” automobiles, the potential of automobile consumption will be further stimulated, industry expectations will be stabilized, and high-quality development of the industry will be assisted.

Cui Dongshu, secretary-general of the National Passenger Car Market Information Joint Association, said that as the market segments of various technical lines of new energy vehicles gradually mature, new models have greatly enriched consumer choices, and the homogeneity brought about by the increase in product supply will also intensify. compete. This year’s price war will most likely take the form of a combination of price reduction promotions and lower positioning, and new energy manufacturers will package more benefits and benefits to stabilize product prices. 2024 is a critical year for new energy vehicle companies to gain a foothold, and competition is destined to be fierce.

(Editors: Wang Renhong, Gao Lei)

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