In the first half of 2024 (H1, January-June), new vehicle sales in the Chinese market increased by 6.1% year-over-year (y/y) to 14,045,000 units (based on factory shipments including commercial vehicles that includes exports, the same applies below). Production volume increased by 4.9% y/y to 13,889,000 units.

 Among Chinese auto groups, BYD, the second-ranked automaker, is on the rise and catching up with the SAIC Motor Group. Changan Automobile Group, which has launched new brands in recent years, and Geely Holding Group, which offers a wide variety of models, also increased their market shares.

 By vehicle type, sales of SUVs increased by 656,000 units to 6,320,000 units, accounting for 45.0% of the market. On the other hand, sales of MPVs declined, falling 6.6% y/y to 468,000 units. The commercial vehicle market was robust, increasing 5.0% y/y to 2,069,000 units.

 In the passenger car market, Chinese automakers accounted for 62.5% of the market with 7,482,000 units, reflecting an increase of 22.2% from the previous year. Many foreign-equity OEMs saw a decrease in sales volume from the same period last year.

 Sales of New Energy Vehicles (NEVs) in the first half of 2024 increased 32.0% y/y to 4,944,000 units, with a breakdown of 3,019,000 EVs (electric vehicles); 1,922,000 PHVs (plug-in hybrids); and 3,300 FCVs (fuel cell vehicles).

Related reports:
Chinese Market Q2 2024 (Aug.2024)
Chinese Market Q1 2024 (May. 2024)
Chinese Market 2023: Sales Exceed 30m; BYD Dominates NEV Market (Mar. 2024)