AutoBeta(AutoBeta.net)10/12 Report--

On October 12, the HKIFA released its latest monthly market report. Data show that retail sales in the domestic passenger car market were 2.109 million in September 2024, up 4.5 per cent from a year earlier and 10.6 per cent month-on-month. Of this total, retail sales of conventional fuel vehicles were 990000, down 22 per cent from a year earlier and up 12 per cent from a month earlier, while retail sales of new energy passenger vehicles were 1.123 million, up 50.9 per cent from a year earlier and 9.6 per cent from a month earlier. In September, the domestic retail penetration rate of new energy vehicles was 53.3%, exceeding 50% for the third consecutive month of the year.

According to the ranking of manufacturers' retail sales, the top 10 car companies in September were BYD Automobile, Geely Motor, FAW-Volkswagen, Chery Automobile, SAIC Volkswagen, Changan Automobile, SAIC General Motors Wuling, FAW Toyota, Tesla China, and Guangzhou Automobile Toyota. It is consistent with the ranking of manufacturers in August, but there has been an increase in sales compared with August, which is related to the auto industry's traditional peak sales season, "Golden Nine and Silver 10".

In September, BYD topped the list with sales of 387000 vehicles, and was the only car company on the list that sold more than 300000 vehicles, leading a group of independent joint venture brands, up 50.1% from a year earlier, second only to Tesla China, whose September sales rose 66.0% year-on-year to 72000 vehicles, ranking ninth on the list.

Among independent brands, Geely and Chery entered the top five, with sales of 163000 and 126000 respectively, up 15.4 per cent and 48.1 per cent respectively over the same period last year. Chang'an, by contrast, did not perform well, with sales of 105000 vehicles in September, down 15.9% from a year earlier, making it the biggest decline on the list. As for Great Wall, it has fallen out of the top 10 for many months in a row. According to the official sales of Great Wall Motors, Great Wall car sales in September were 108400, down 10.88% from a year earlier, and sales fell for five consecutive months compared with the same period last year. Its brands Harvard and Euler both declined, down 14.73% and 45.25% respectively.

Among the joint venture brands, German brands FAW-Volkswagen and SAIC-Volkswagen ranked third and fifth respectively, with FAW-Volkswagen falling 14.6 per cent year-on-year to 145000 vehicles, and SAIC-Volkswagen down 6.8 per cent to 107000 vehicles.

In the Japanese joint venture camp, only FAW Toyota and two car companies entered the top 10 in September, but sales declined year-on-year, with FAW Toyota down 5.0 per cent year-on-year to 74000 vehicles and Guangzhou Automobile Toyota down 15.1 per cent to 71000 vehicles. Guangzhou Auto Honda, Dongfeng Honda and Dongfeng Nissan all missed the top 10. Honda's terminal car sales in China fell 42.93 per cent in September to 62586, down 42.93 per cent from a year earlier and more than 40 per cent for the third month in a row, according to official data, but Honda China officially does not have sales from Guangzhou Auto Honda and Dongfeng Honda. As for Dongfeng Nissan, its September sales were 57741 (including Nissan, Qichen and Infiniti brands), down 5.8 per cent from a year earlier.

Among American brands, Tesla sold 72000 vehicles in China in September, up 66.0% from a year earlier, making it the highest-growing car company on the list. Up to now, Tesla's models on sale in China include Model 3 and Model Y, of which Model Y is the main sales force. Taking retail sales in the first eight months of this year as an example, Tesla's cumulative sales in China was 388000, of which 289400 were Model Y, accounting for 74.60% of the total sales, while Model 3 was 98600.

In addition to Tesla China, the US joint venture SAIC GM Wuling also entered the list in September, ranking seventh with sales of 85000 vehicles, up 38.1 per cent from a year earlier.

The above is a list of the top 10 domestic automakers in September. Overall, retail sales of both German and Japanese brands have declined, and the domestic market share is shrinking, which is also the main reason for the decline in fuel vehicle sales.

Retail sales of mainstream joint-venture brands were 530000 vehicles in September, down 22 per cent from a year earlier and up 10 per cent from a month earlier, according to the Federation of passengers. Among them, the retail share of German brands was 16.5%, down 3.6% from the same period last year; Japanese brands were 12.6%, down 4.0% from the same period last year; and American brands were 5.7%, down 1.7% from the same period last year. By contrast, the market share of Chinese independent brands is rising all the time. Self-branded retail sales were 1.34 million vehicles in September, up 25% from a year earlier and 11% from a month earlier, with a retail share of 63.5%, up 10.1% from a year earlier.

Judging from the performance of manufacturers in September, although the ranking of car companies has not changed, the gap between car companies has become more and more obvious, especially the market share of joint venture brands dominated by fuel vehicles is gradually being replaced by new energy vehicles. Although new energy vehicles have yet to completely replace conventional fuel vehicles, the consumption of conventional fuel vehicles has remained low. Today, China has become the world's largest market for new energy vehicles, and has achieved steady growth. against this background, joint venture car companies that used to make profits by producing fuel vehicles are facing greater market pressure. the rapid rise of new energy vehicles has become a heavy pressure that can not be ignored, the competition between independent brands and joint venture brands, and the competition between new energy vehicles and traditional fuel workshops will only become more intense. "how to maintain competitiveness in the new energy vehicle market" is still an urgent problem for many joint venture car companies.

By the end of September, cumulative retail sales in the domestic passenger car market for the year were 15.574 million, an increase of 2.2 per cent over the same period last year. Of this total, retail sales of conventional fuel vehicles were 8.44 million, down 16 per cent from a year earlier, while retail sales of new energy passenger vehicles were 7.132 million, up 37.4 per cent from a year earlier. The Federation said: "the following October to November should be in the seasonal inventory period of the passenger car market. Due to the strong demand for cars from winter to the Spring Festival, there is a strong inventory increase at this time in the calendar year." Since the beginning of this year, inventory removal has been very strong, showing the transformation of the industry inventory evaluation model under the channel goal of "fixed production by sales". Combined with the fourth quarter or stabilized sales performance expectations, inventory should be increased reasonably in the past two months. "

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