The passenger vehicle (PV) market in China experienced impressive growth in December 2024, with retail sales reaching 2.635 million units, a 12% increase compared to the previous year. This strong performance contributed to a total of 22.894 million units sold throughout the year, marking a 5.5% growth from the previous year.
One of the key factors driving this growth was the impending expiration of “two new” subsidies at the end of the year, which incentivized consumers to make purchases before the deadline. Additionally, the early Chinese New Year in late January 2025 prompted some consumers to advance their buying decisions to December. However, sales in certain regions were affected as subsidy funds were depleted towards the end of the month.
The PV market in China saw record-high production, wholesale, and exports in 2024. Chinese self-owned brands dominated the market, with a wholesale market share of over 65% and a retail share exceeding 60%. Price competition stabilized in the second half of the year, and there was rapid growth in exports, with full-year exports reaching around 4.8 million units.
New energy vehicle (NEV) sales also saw significant growth, with retail sales reaching 10.899 million units, a 41% increase year-on-year. NEV wholesales and exports experienced similar growth trends, highlighting the potential for global market expansion.
In December 2024, China’s self-owned PV brands accounted for a significant portion of retail sales, with a year-on-year increase of 32%. Major legacy automakers such as BYD, Chery Auto, Geely Auto, and SAIC-GM-Wuling demonstrated notable growth, increasing their market shares.
Wholesale performance among major PV manufacturers varied in December, with some experiencing strong growth while others saw slight contractions. Overall, nine PV makers in China achieved monthly wholesale sales exceeding 100,000 units, contributing to 59% of the total market share.
PV production in December reached 2.941 million units, a 9.7% year-on-year increase. Premium PV production saw a decrease, while China’s self-owned brands recorded a significant increase. New energy passenger vehicle (NEPV) production also saw a notable increase, reflecting the growing demand for electric vehicles in the market.
Overall, the PV market in China experienced significant growth in 2024, with strong performance in retail sales, wholesale, and exports. The dominance of self-owned brands, rapid growth in NEV sales, and strong performance by major automakers all contributed to the market’s success.
