AutoBeta(AutoBeta.net)10/20 Report--

Retail sales of domestic passenger cars in the first three quarters of 2024 totaled 15.5743 million units, an increase of 2.2 percent over the same period last year, including 7.132 million new energy vehicles, up 37.4 percent from the same period last year, according to the Federation of passengers. According to this calculation, the domestic retail penetration rate of new energy vehicles in the first three quarters is 45.8%, and annual sales are expected to exceed those of fuel vehicles. It is understood that the penetration rate of trams has exceeded 50% for three consecutive months, and the retail penetration rate of new energy passenger cars was 53.3% in September.

How are the joint ventures doing? The scale of the fuel vehicle market, which continues to shrink under the strong attack of new energy vehicles, is a fait accompli, while the decline in the fuel vehicle market is mainly due to head car companies, including FAW-Volkswagen, Guangzhou Automobile Toyota, brilliance BMW, Guangzhou Automobile Honda, Dongfeng Honda, and so on, all fell by more than 10%. Auto Industry focus counted sales figures for the first three quarters of the top 10 joint ventures, all of which fell, with Honda falling the most, with both joint ventures falling by more than 25 per cent.

In terms of sales ranking, Volkswagen ranked at the top, with SAIC Volkswagen at 766200, down 5.95% from a year earlier, while FAW-Volkswagen was 663300, down 10.16% from a year earlier. The reason why FAW-Volkswagen is not as large as SAIC-Volkswagen is that Jetta and Audi brands are not taken into account. According to the data, the Volkswagen brand has more than 100000 models, including 218800 for the Lang Yi family, 170800 for Suiteng, 167500 for Passat, 119000 for Maiteng, 108800 for Tanyue and 105,500 for Tuguan L.

FAW Toyota and Guangzhou Automobile Toyota have both declined. Although they are both Toyota joint ventures in China, the performance of the two companies is completely different. Guangzhou Auto Toyota is down 16.37% from the same period last year, and FAW Toyota is down 8.42% from the same period last year. According to retail data, Toyota sold more than 100, 000 of its four models in China in the first three quarters, namely, Feng Landa, Carola Ruifang, RAV4 Rongfang and Camry, with sales of 149600, 130800, 129000 and 105400 respectively. Models such as Carola, Camry, Rongfang and Hanlanda have always been regarded as Toyota's strong areas in market segments, but as independent brands accelerate their counter-attack on joint venture brands, these models are becoming less competitive in key market segments and the market performance is not as good as it used to be.

Japanese manufacturers, mainly Toyota, are facing great challenges in the Chinese market, so Japanese manufacturers such as Dongfeng Nissan, Guangzhou Auto Honda and Dongfeng Honda are naturally very sad. Honda, Guangzhou Automobile Honda and Dongfeng Honda all fell more than 25%. Honda's performance in the Chinese market is very worrying. in the first three quarters, only CR-V sold more than 100, 000 vehicles, with 124600 vehicles.

Among the top 10 manufacturers, BBA, as a luxury manufacturer, also declined. Although brilliance BMW's market share was higher than that of Beijing Mercedes-Benz and FAW-Audi, brilliance BMW also suffered the biggest decline, with sales falling 13.31% year-on-year in the first three quarters, higher than FAW-Audi's 10.32% and Beijing Mercedes-Benz's 6.30%. After entering 2024, due to the replacement of the BMW 5-Series, BMW's sales in China declined, much lower than the level of the same period. In terms of specific models, Beijing Mercedes-Benz's C-Class, GLC and E-Class are all more than 100000, Audi's A6L and Q5L are also more than 100000, and BMW has only 3 series models with more than 100000.

In the wave of electrification, the rapid rise of Chinese car companies has brought about the decline of fuel vehicles, the inventory of joint venture fuel vehicles has been overstocked, the market share has been declining, and finally the joint venture manufacturers are forced to join the price war. What is sad is that the more outrageous the price reduction of fuel vehicles is, the less people will buy them, but if they want to sell well, they can only rely on price cuts.

Since September, including Volkswagen, Toyota, General Motors, Ford and other brands have launched time-limited concessions and subsidies, directly in place. For example, the new Passat 380TSI family, which starts at 159900 yuan, the new RAV4, which starts at 169800 yuan, and the new Cadillac XT5, which starts at 265900 yuan, are basically "reduced and added" compared to the old models.

Industry insiders say it is expected that China's fuel vehicle market share will be further reduced by 2030, when 3/4 of the Chinese market will be electric vehicles. For foreign brands, the most important thing is to ensure the market share of fuel vehicles, accelerate the transformation of electrification and focus on the innovation and upgrading of products and technologies. In the competitive environment of accelerating the decline of fuel vehicles, creating a new growth curve of new energy is also the top priority of the next strategic transformation of the joint venture car companies.

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