China’s Auto Industry Shows Strong Recovery in October 2024
Beijing (Gasgoo)- As the effects of new policies and previously implemented measures continue to take hold, China’s economic outlook is showing signs of improvement. Automakers have ramped up production, and confidence among enterprises is on the rise.
In October, the Chinese government’s trade-in incentives for vehicles have had a noticeable impact on automobile consumption. Motor shows and promotional events have been widespread, driving the launch of new vehicle models and boosting monthly sales volumes both year-on-year and month-on-month.
While the passenger car market continues to improve, the commercial vehicle market remains relatively weak. However, new energy vehicle (NEV) sales and auto exports are experiencing rapid growth.
With the combination of these positive factors and the year-end sales promotional push from automakers and dealers, consumer demand for automobiles in China is expected to remain strong, potentially driving the market upwards in the last two months of 2024.
In October 2024, China’s auto production and sales reached 2.996 million and 3.053 million vehicles, respectively, marking a 7.2% and 8.7% increase from the previous month and a 3.6% and 7% increase from the previous year, according to data from the China Association of Automobile Manufacturers (CAAM).
From January to October 2024, a total of 24.466 million vehicles were produced in China, representing a 1.9% year-on-year increase. Auto sales in the same period amounted to 24.624 million vehicles, up 2.7% from the previous year.
In October, NEV production and sales in China hit record highs. NEV production reached 1.463 million units, up 48% year-over-year, while NEV sales rose by 49.6% to 1.43 million units. NEVs accounted for 46.8% of the country’s auto sales in October.
Of the NEVs sold in October, 1.302 million units were consumed domestically, showing a 10.7% month-on-month and 56.5% year-on-year increase. NEV exports totaled 128,000 units in October, up 16% from the previous month and 3.6% from the previous year.
From January to October 2024, China produced and sold 9.779 million and 9.75 million NEVs, marking a 33% and 33.9% year-on-year increase. NEVs accounted for 39.6% of the country’s year-to-date auto sales.
Domestic NEV sales reached 8.692 million units in the Jan.-Oct. period, up 38.3% year-on-year. Meanwhile, NEV exports stood at 1.058 million units, growing 6.3% from the previous year.
In October 2024, Chinese automakers exported a total of 542,000 vehicles, up 0.5% month-on-month and 11.1% year-on-year. Passenger vehicle exports rose by 1.8% month-on-month and 10.7% year-on-year, while commercial vehicle exports increased by 13.6% year-on-year.
For the first ten months of 2024, China’s auto exports totaled 4.855 million vehicles, a 23.8% increase from the previous year. Passenger vehicle exports grew by 24% to 4.1 million units, and commercial vehicle exports rose by 22.5% to 755,000 units.
In October, Chery led the top ten exporters in China with 112,000 vehicles shipped overseas, representing an 18.9% year-on-year increase and accounting for 20.7% of the country’s total monthly export volume. BAIC Group saw the highest export growth rate, with exports doubling year-on-year to 30,000 units.
