China’s automotive industry saw significant growth in 2024, with a total of 22,906,719 domestically produced passenger vehicles (PVs) registered on the Chinese Mainland. This marked an 8.55% year-on-year increase, according to data from the Gasgoo Auto Research Institute (GARI).
In December of that year, the monthly PV registrations reached a record high of 2,724,588 units, showing a 10.31% year-on-year growth and a 14.55% month-on-month increase. Notably, new energy vehicles (NEVs) accounted for 47.41% of the market share in December, with 1,291,690 units registered, setting a new monthly record. Throughout the entire year, NEVs made up 46.93% of total registrations, totaling 10,750,218 units.
The strong momentum in the Chinese PV market in December was driven by automakers striving to meet annual sales targets. The expiration of vehicle trade-in and scrappage subsidies at year-end also fueled demand, as did the early Chinese New Year in late January 2025, prompting some consumers to advance their purchases to December. However, certain regions experienced a slowdown in sales due to subsidy fund exhaustion in the latter half of the month.
In terms of brand rankings, 11 of the top 20 brands by monthly PV registration volume in December were Chinese self-owned brands, with BYD leading the pack. BYD registered over 360,000 vehicles in December, surpassing Volkswagen by 114,297 units. Other prominent Chinese brands included Geely, Wuling, Chery, and Changan.
Foreign brands like Volkswagen, Toyota, and Tesla also made their mark in the top 20 rankings. Volkswagen registered 15,429 NEVs in December, while Toyota recorded 3,011 NEVs. Tesla, the only foreign-funded brand in the top 20, ranked ninth with 81,638 vehicles registered in December.
Looking at the annual registrations, BYD, Volkswagen, Toyota, and Geely were the top four brands, each exceeding one million units. BYD led the market with over three million vehicles registered, showcasing the strength of Chinese brands in the PV market.
In the NEV segment, BYD continued its dominance, with 18 of the top 20 spots in brand rankings by registration volume in December occupied by Chinese self-owned brands. BYD led the market with over three million NEVs registered throughout the year. Other notable brands included Tesla, Wuling, Li Auto, and AITO.
Overall, 2024 was a remarkable year for China’s automotive industry, with strong growth in PV and NEV registrations. Chinese brands demonstrated their prowess in the market, while foreign brands also made significant contributions. The future looks promising for the Chinese automotive sector, with a continued focus on NEVs and technological advancements driving the industry forward.
