On January 13, 2025, the China Association of Automobile Manufacturers released automobile production and sales data for December 2024 and the whole year.
01
In December 2024, the production and sales of automobiles were 3.366 million and 3.489 million, respectively, with the output declining by 2% month-on-month, and the sales increasing by 5.2% month-on-month, increasing by 9.3% and 10.5% year-on-year, respectively. For the whole year of 2024, automobile production and sales were 31.282 million and 31.436 million, respectively, up 3.7% and 4.5% year-on-year, meeting the expected target for the whole year. Chen Shihua, deputy secretary general of China Association of Automobile Manufacturers: 2024 annual sales to complete the expected target, more than 31 million, China's new car production and sales have been the world's first for 16 consecutive years. Overall, the inventory of automobile enterprises is at a reasonable level, and the "two new" policy has played a great role in promoting inventory digestion and enterprise sales growth. Xu Haidong, deputy secretary-general of the China Association of Automobile Manufacturers, is optimistic about the development of the auto market in 2025, and the annual sales volume in 2025 is expected to reach 32.9 million units, achieving a year-on-year growth of 4.7%.
02
In December 2024, the production and sales of passenger cars were 3.0016 million and 3.12 million, respectively, with the output dropping 3.3% month-on-month, and the sales increasing 3.9% month-on-month, up 10.8% and 11.7% year-on-year, respectively. For the full year of 2024, the production and sales of passenger vehicles were 27.477 million and 27.5663 million, respectively, an increase of 5.2% and 5.8%. Comments: Chen Shihua: The production and sales of passenger cars have remained above 25 million for two consecutive years.
03
In December 2024, the production and sales of commercial vehicles completed 361,000 and 369,000 units, respectively, an increase of 10.2% and 17.1% from the previous month, the output fell 1.5% year-on-year, and the sales increased 1.2% year-on-year. In the whole year of 2024, the production and sales of commercial vehicles were 3.805 million and 3.873 million, respectively, down 5.8% and 3.9% year-on-year. Chen Shihua: Commercial vehicle market performance is relatively weak, is expected to improve at the beginning of the year, but the actual operation is not satisfactory, including domestic sales decline is greater, commercial vehicle companies are also vigorously explore the international market.
04
In December 2024, the production and sales of new energy vehicles completed 1.53 million and 1.596 million, respectively, an increase of 30.5% and 34%, and the sales of new energy vehicles accounted for 45.8% of the total sales of new vehicles. In the whole year of 2024, the production and sales of new energy vehicles completed 12.888 million and 12.866 million, respectively, an increase of 34.4% and 35.5%, and the sales of new energy vehicles reached 40.9% of the total sales of new vehicles, an increase of 9.3 percentage points over 2023.
Reviews:
Chen Shihua: The number of new energy vehicles exceeded 10 million, with production and sales exceeding 12.8 million, ranking first in the world for ten consecutive years.
05
Exports In December 2024, 504,000 vehicles were exported, an increase of 2.9% month-on-month and 1.1% year-on-year. In 2024, 5.859 million vehicles were exported, an increase of 19.3%. Chen Shihua: Exports have reached a new level, from 3 million in 2022, to more than 4 million in 2023, and then to 5.859 million in 2024.
06
Chinese brand passenger cars In December 2024, the sales volume of Chinese brand passenger cars was 2.062 million, an increase of 27.4%, and the sales share was 66.1%. In the whole year of 2024, the sales volume of Chinese brand passenger cars was 17.97 million, an increase of 23.1%, and the sales share was 65.2%.
Reviews:
Chen Shihua: The proportion of passenger car sales of Chinese brands increased significantly compared with last year, and the proportion reached 70% in the highest month in 2024. Intelligent and new energy transformation has brought opportunities for Chinese brands to enter the high-end market. Among the levels of traditional fuel vehicles, only the B-class car market increased, and the others declined; New energy vehicles are growing at all levels, especially B-class and C-class, and the growth rate is obvious.