Beijing (Gasgoo)- China’s economy has shown resilience in the face of both domestic and international challenges, maintaining steady growth. Ahead of the National Day holiday, the government introduced a series of targeted policies to address emerging economic issues and bolster confidence in the domestic market. The impact of these measures has already started to be felt, with a surge in consumer enthusiasm during the holiday period.
The third quarter of 2024 saw a gradual recovery in China’s passenger car market, driven by increased national subsidies for vehicle scrapping and renewal, as well as the implementation of local vehicle replacement policies. Retail auto sales have been particularly strong, continuing the positive trend seen during the “Golden September” period. However, the commercial vehicle market has remained relatively weak. On the other hand, the new energy vehicle (NEV) sector and automobile exports have shown robust performance, making significant contributions to the overall market.
The implementation of enhanced vehicle trade-in policies has led to a notable increase in applications for scrapping and renewal subsidies, resulting in a boost in car sales across China.
In September 2024, China’s auto production and sales reached 2.796 million and 2.809 million vehicles, marking a respective 12.2% and 14.5% increase from the previous month, although slightly down compared to the previous year. Throughout the first three quarters of the year, China’s auto output totaled 21.47 million vehicles, a 1.9% increase from the same period last year. Similarly, auto sales reached 21.571 million units, up 2.4% year-on-year.
The NEV market in China witnessed remarkable growth in September, with both production and sales hitting new highs. NEV production reached 1.307 million units, up 48.8% year-on-year, while sales amounted to 1.287 million units, a 42.3% increase from the previous year. NEVs accounted for 45.8% of China’s total auto sales for the month.
BYD Song L; photo credit: BYD
In September, domestic NEV sales reached 1.176 million units, showing significant growth both month-on-month and year-on-year. Additionally, Chinese automakers exported 111,000 NEVs to overseas markets, indicating a positive trend in international demand.
For the first nine months of 2024, China’s NEV production and sales volumes totaled 8.316 million units, a substantial increase compared to the previous year. Domestic NEV sales reached 7.392 million units, while NEV exports stood at 928,000 units, showcasing strong performance in both areas.
China’s overall export performance in September saw 539,000 vehicles shipped to overseas markets, a notable increase from the previous month and year. Passenger cars accounted for 457,000 units, while commercial vehicles totaled 82,000 units.
Throughout the first three quarters of the year, China exported a total of 4.312 million vehicles, with passenger car exports growing by 28% year-on-year to reach 3.633 million units. Commercial vehicle exports also showed a positive trend, totaling 679,000 units.
In September 2024, Chery maintained its position as the largest auto exporter in China, with a monthly export volume of 109,000 units. JAC Group showed remarkable growth, with September exports more than doubling compared to the previous year.
