Global sales of Chinese-made vehicles rose by almost 12% to a record monthly high of 3.316 million units in November 2024 from 2.970 million units a year earlier, according to passenger car and commercial vehicle wholesale data compiled by the China Association of Automobile Manufacturers (CAAM). Passenger vehicle sales surged by 15% to 3.001 million units while commercial vehicle deliveries dropped by 14% to 319,000 units.
Domestic sales increased by almost 14% to 2.826 million units last month from 2.488 million a year earlier, as vehicle manufacturers and dealers continued with aggressive promotions and discounts in order to meet their full-year sales targets. The market also responded to recent government stimulus measures aimed at strengthening domestic economic growth. GDP growth slowed to 4.6% year-on-year in the third quarter from 4.7% in the second quarter and 5.3% in the first quarter, well below the government’s growth target of 5% for 2024.
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Earlier this year the Ministry of Finance instructed local banks to ease vehicle financing rules while also cutting interest rates. In July the government doubled the one-off subsidy to CNY20,000 (US$2,800) for buyers trading in their old internal combustion engine (ICE) vehicles for qualifying new battery electric vehicles (BEVs). In October it unveiled a new stimulus package aimed at supporting the struggling property sector, strengthening bank lending and driving up consumer spending.
Global sales of new energy vehicles (NEVs) surged by 47% year-on-year to 1.512 million in November, including a 29% rise in BEV sales to 908,000 units and an 87% surge in plug-in hybrid electric vehicles (PHEVs) sales to 604,000 units. Domestic NEV sales increased by 54% to 1.429 million units, while exports fell by 14% to 83,000 units.
Overall vehicle exports increased by less than 2% to 490,000 in November from 482,000 a year earlier, and by 21% to 5.345 million units year-to-date (YTD) from 4.412 million previously.
In the first eleven months of 2024 China’s global vehicle sales increased by almost 4% to 27,940 million units from 26,938 million in the same period of last year, including a 5% increase in passenger vehicle sales to 24,435 million units while commercial vehicle sales fell by over 4% to 3.505 million units. Domestic sales were down slightly to 22.595 million units from 22.526 million in the same period of last year.
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By GlobalDataGlobal NEV sales increased by 36% to 11.262 million units YTD from 8.304 million a year earlier, with BEV sales rising by 15% to 6.738 million units while PHEV sales surged by 85% to 4.519 million units. Domestic NEV sales increased by 40% to 10.121 million units, equivalent to around 45% of the local vehicle market.
Manufacturer performances
BYD’s global sales increased by 40% to 3,757,336 units in the first eleven months of 2024, including a 74% jump in overseas sales to 360,050 units. Passenger BEV sales increased by 13% to 1,557,258 units, while PHEV volumes surged by 69% to 2,183,672 units and commercial vehicle sales rose by 54% to 16,406 units.
SAIC Motor’s global sales fell by 19% to 3,529,993 units YTD, with sales lower across most of the group despite a 20% increase in NEV sales to 1,079,984 units. SAIC-GM-Wuling’s deliveries declined by 3% to 1,160,509 units, while SAIC Volkswagen’s sales dropped by 5% to 1,018,101 units and SAIC-GM’s plunged by 57% to 370,989 units. The group’s overseas sales were down by 12% to 937,493 units.
Geely group’s global sales across all brandsglobally increased by 21% to3,006,943units, while GAC Group reported a23% sales decline to 1,719,827 units. Great Wall Motor’s sales were 2% lower at 1,098,006 units – underpinned by a 50% surge in overseas sales to 411,848 units.
Tesla’s overall shipments from its Shanghai plant fell by 4% to 822,894 units YTD, while the brand’s retail sales in China rose by 9% to 574,175 units.
