AutoBeta(AutoBeta.net)11/09 Report--

On November 8, the Federation released its latest monthly market report. Data show that retail sales in the domestic passenger car market in October 2024 were 2.261 million, an increase of 11.3% over the same period last year and 7.2% month-on-month. Of these, retail sales of conventional fuel vehicles were 1.066 million, down 16.1 per cent from a year earlier, up 8.1 per cent from a month earlier, while retail sales of new energy vehicles were 1.196 million, up 56.7 per cent from a year earlier and 6.4 per cent from a month earlier. According to this calculation, the domestic retail penetration rate of new energy vehicles was 52.9% in October, surpassing that of fuel vehicles for three consecutive months.

By the end of October, retail sales in the domestic passenger car market were 1783.5, up 3.2 percent from the same period last year, including 9.508 million conventional fuel vehicles, down 16.0 percent from the same period last year, accounting for 53.3 percent of the market share, while retail sales of 8.327 million new energy vehicles, up 39.8 percent from the same period last year, accounted for 46.7 percent of the market share. According to the current market trend, the pressure on new energy vehicles to go beyond conventional fuel vehicles in 2024 is not small, with a difference of nearly one million.

In October, the domestic retail market of independent brands sold 1.48 million vehicles, up 32% from the same period last year, 11% from the previous month, and the domestic share in the same month was 65.7%. The brand share of traditional car companies such as BYD, Chery, Geely and Wuling increased significantly. Retail sales of 570000 mainstream joint venture brands fell 17% from the same period last year, up 8% from the previous month, with a domestic share of 25% in the same month, including 15.8% for German brands, 12.9% for Japanese brands and 4% for American brands, all of which declined to varying degrees. Luxury car retail 210000, down 7% from the same period last year, down 15% month-on-month, the month's market share of 9.2%, the traditional luxury car market retail share dropped significantly.

The Federation said that during the National Day, the heat of the passenger car market increased significantly, and although it fell somewhat after the holiday, the overall car market continued to pick up. The local trade-in policy has gradually shown its pulling effect on the market, and the scrapping and renewal policy has also continued to make steady efforts to boost the growth of the auto market. In October, the terminal sales of new energy vehicles showed a trend of "gold, nine and silver ten", and the consumption increment of new energy vehicles contributed greatly.

According to the list of retail sales of domestic car companies released by the Federation of passengers, BYD, Geely, Chery and SAIC-GM Wuling all soared, with BYD up 67.2% year-on-year, the biggest increase on the list. Chery increased 59.5% year-on-year, Geely 29.8% year-on-year, Changan Automobile and Great Wall Motor all declined. From the perspective of the joint venture camp, the polarization is more obvious, with SAIC GM Wuling up 35.5%, FAW Toyota up 13.4%, SAIC Volkswagen up 5.9%, and FAW Volkswagen and Guangzhou Auto Toyota declining.

BYD Automobile has become the largest carmaker in China, with retail sales of 431000 vehicles in October (including BYD / Teng Teng / equation Leopard / look up), up 67.2% from a year earlier, making it the biggest increase on the list. Not long ago, BYD released its third-quarter results, with revenue of 201.1 billion yuan, an increase of 24.04% over the same period last year, and net profit of 11.607 billion yuan, an increase of 11.47% over the same period last year. According to data, BYD's operating income in the third quarter has surpassed that of SAIC, with profits equivalent to 39 SAIC groups.

After BYD, the cumulative sales of Geely and Chery were 194000 and 144000 respectively, with both companies achieving substantial growth, with Chery up 59.5% year on year, second only to BYD. In the domestic market, Chery continues to consolidate and expand its market share, while in the international market, especially in terms of export sales, Chery has become a leader in its own brands with outstanding performance. Geely also performed well, up 29.8% from a year earlier, and currently covers three major brands: Geely, polar krypton and Lectra. As a representative of traditional car companies, Geely's new energy transformation can be said to have achieved initial results. The sales of new energy vehicles mainly come from the Galaxy series, which belongs to Geely. At the end of last month, Geely announced that it would merge the geometry brand into the Galaxy brand and become the Galaxy's intelligent boutique car series. Wholesale sales showed that the Galaxy series sold 63500 vehicles in October, up 83 per cent from a year earlier.

In the list, Changan Automobile and Great Wall Motor have both declined, and the two car companies have been declining for many months in a row. Great Wall, for example, sold 64000 cars in October, down 22.4% from a year earlier and lagging far behind other private manufacturers. At present, Great Wall operates four brands: Harvard, Euler, Tank and Wei Brand in the passenger car market. judging from the sales data disclosed by Great Wall Automobile, only Wei Brand has achieved growth, which is related to its latest Wei brand Lanshan Zhi driving version. other brands have declined.

Let's take a look at the joint venture brand, the overall performance is still not optimistic, but it has improved. Take North and South Volkswagen as an example, although FAW-Volkswagen (including Volkswagen / Audi / Jetta) sales fell to fourth place at 141000 vehicles, down 7.9% from a year earlier, while SAIC Volkswagen (including Volkswagen / Audi / Skoda) ranked sixth with 120000 vehicles, an increase of 7.9%.

The reason why SAIC-Volkswagen is able to achieve growth is due to price cuts, such as the newly listed Tuyue Xinrui, the new Passat Pro, etc., coupled with SAIC-Volkswagen's continued introduction of car purchase benefits, compared with FAW-Volkswagen car purchase is more cost-effective, the products of the two companies are not much different in nature, so there is a "choose one of the two". In addition, the decline in FAW-Volkswagen sales is also related to Audi, FAW Audi's share is much larger than SAIC Audi, but in recent months FAW Audi performance is lower than expected, declining, thus affecting FAW-Volkswagen performance.

Japanese car companies are still dismal. Guangzhou Auto Toyota and FAW Toyota are all in the top 10, but Guangzhou Auto Toyota is down 6.3% from the same period last year, while FAW Toyota is up 13.4% from the same period last year. Dongfeng Nissan, Guangzhou Automobile Honda and Dongfeng Honda all fell out of the top 10, which is normal. It has to be admitted that Japanese brands are declining in the domestic market. With the formation of technical barriers in the electrification and intelligence of independent brands, consumers begin to turn their attention to more economical and affordable domestic cars, and Japanese cars are becoming more and more difficult to be recognized by Chinese consumers. even if the car is sold at a lower price, it is also difficult to get the favor of consumers.

Judging from the latest list released by the Federation of passengers, the share of domestic car companies has basically been stable, and the ranking of major car companies has not changed much, but the gap between car companies is becoming more and more prominent, and independent brands continue to promote the motorization of new energy. And then erode the joint venture brand market, while the joint venture brand is mainly fuel cars, in this context, it has been difficult to resist the offensive of independent brands, while the need to stabilize the fuel vehicle market On the one hand, we need to expand electric research and development, and it will be very difficult to achieve growth for a long time in the future.

Since the beginning of the year, the automobile market is facing unprecedented fierce competition. At present, the new energy vehicle industry has shown a state of steady growth, and the enterprises with the layout of electric vehicles have the potential for growth, which makes the life of the traditional joint venture manufacturers more and more difficult, resulting in the embarrassing situation that oil cars are difficult to sell and trams are not popular. In particular, the collective decline of Japanese brands is a typical example. In the context of independent brands accelerating the layout of new energy, the market share of joint venture brands continues to decline, how many other brands can withstand the market pressure?

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