Chinese Market 2023: Sales Exceed 30m; BYD Dominates NEV Market

Chinese OEM market share nears 60%, exports at 5.22m record high



Chinese vehicle sales volume

  For the full year of 2023, new vehicle sales in the Chinese market increased by 12.0% year-over-year (y/y) to 30.094 million units (based on factory shipments, including exports), exceeding 30 million units for the first time. According to the China Automobile Association (CAAM), the forecast for 2024 is 31 million units (26.8 million passenger cars and 4.2 million commercial vehicles).

  By group, BYD's sales increased significantly from 1.869 million units last year to 3.024 million units, jumping from 6th to 3rd place. On the other hand, the Dongfeng group, which was in third place last year, fell to sixth place.

  In the passenger car market, Chinese automakers accounted for 56.8% of the market with 14.799 million units, reflecting an increase of 23.7% from the previous year. Japanese-affiliated automakers suffered from sluggish sales, with a y/y decline of 11.4% to 3.883 million units. Against this backdrop, GAC Mitsubishi Motors Co., Ltd. announced its withdrawal from production in China. Among U.S.-affiliated automakers, Tesla continued to perform well.

  In 2023, NEV sales grew 37.9% y/y to 9.495 million units, accounting for 31.6% of the market. BYD models accounted for 6 of the top 10 NEV passenger car models, giving BYD an approximate 30% share of the NEV market. In addition, several BYD vehicles are also ranked in the top 10 models by vehicle type, including gasoline (ICE) vehicles.

  In 2023, vehicle exports grew 57.2% y/y to a record high of 5.221 million units, of which NEV exports grew 61.5% y/y to 1.727 million units.


Related reports:
Chinese Market Q4 2023: Mercedes-Benz and BMW establish charging JV (Feb. 2024)
Chinese market Q3 2023: Non-Chinese OEMs Strengthen R&D, major Chinese companies move to utilize AI (Nov. 2023)
Chinese Market H1 2023: New Vehicle Sales at 13.24 Million, NEV Sales Up 44.1% to 3.747 Million (Aug. 2023)
Chinese Market Q2 2023: Major State-owned and Non-Chinese OEMs Announce NEV Strategies (Aug. 2023)
Chinese Market Q1 2023: GAC, Chery and Geely Announce 2023 Product Plans (Apr. 2023)


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