China Market H1 2020: Sales of New Vehicles Fall to 10.23 Million Units

Except for FAW and Changan, y/y sales decline, but market shares of German and Japanese OEMs grow

2020/08/07

Summary
2020 first half sales drop 16.9% y/y to 10.23 million units
Sales volume by group：SAIC sales down 30.5% y/y, FAW and Changan show slight increase
Market share by model： SUV sales exceed sedan-and-hatchback sales
Passenger vehicle market：Market share increase for German- and Japanese-affiliates, sales of French affiliates 23,000 units
Lexus remains top imported car brand
NEV sales decrease 37.4% y/y to 393,000 units, luxury car manufacturers increase their shares
2020 first half sales volume by major Chinese automotive group (on factory shipment basis)
Sales forecast by LMC Automotive：China’s Light Vehicle Market Will Reach 22.8 Million Units in 2020 and 28.2 Million Units in 2023

Summary

New motor vehicle sales in China in the first half of 2020 (January through June) fell by 16.9% compared to the same period in the previous year to 10.231 million units (based on factory deliveries, including exports; same basis throughout this report). February and March sales were especially hard-hit by the effects of the COVID-19 (new coronavirus) pandemic. From April onward, there was a recovery trend: sales each month grew by more than 200,000 units compared to the same month last year.

Among government-affiliated automotive OEM groups (hereafter Groups), SAIC Group continued in the top sales position since the second half of 2019 despite a year-over-year (y/y) drop in sales of 30.5%, suffering the largest decline among the top 10 Groups. China FAW Group and Changan Automobile Group with strong sales of their own-brand models increased their unit sales.

By vehicle category, passenger car sales for the period were 7.847 million units, showing a y/y decrease. On the other hand, sales of commercial vehicles centering on trucks and buses grew by 8.6% for the period y/y to 2.384 million units.

Passenger car sales of Chinese automakers in the first half of 2020 fell 28.0% y/y to 2.88 million units. However, the market share of German- and Japanese-affiliated OEMs grew. Sales of high-end Audi and Volvo brands increased for the period over the previous year.

The sales of NEVs (New Energy Vehicles) for the period decreased 37.4% y/y to 393,000 units. This can be broken down to 304,000 EVs (electric vehicles), 88,000 PHVs (plug-in hybrids), and 403 FCVs (fuel cell vehicles).

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