Chinese Market Q3 2024

Non-Chinese OEMs accelerate BEVs; government raises standards for replacement subsidies

2024/11/05

Table of contents

Summary
Trends of Chinese OEMs (Q3 2024)
Trends of major non-Chinese manufacturers (Q3 2024)
Policies related to China's automotive industry (Q3 2024)
Major Chinese automakers' 2024 Q3 sales volumes (ex-factory)

Summary

The Bao 8, BYD's first car equipped with Huawei's smart driving technology
(Source: Fangchengbao luxury electric car brand of BYD Auto Co. Ltd. (BYD))

The China Association of Automobile Manufacturers (CAAM) announced on October 12, 2024, that vehicle sales volumes in China showed a 2.4% year-over-year (y/y) increase to 21.571 million units during the January to September period of 2024. Of this total, passenger car sales grew 3% y/y to 18.679 million units, while commercial vehicles declined 1.6% y/y to 2.892 million units. New Energy Vehicles (NEVs: BEVs, PHEVs, FCVs) grew 32.5% y/y to 8.32 million units, giving NEVs a 38.6% share of the motor vehicle market in China.

This report presents significant trends and activities of major Chinese and foreign automakers in the Chinese market in the third quarter (Q3) of 2024. Chinese automakers are accelerating their efforts to strengthen the smart (intelligentization) sector, with BYD, Dongfeng Motor Corporation, Chongqing Changan Automobile Co., Ltd. , and Great Wall Motor Co., Ltd. forming partnerships with Huawei Technologies Co., Ltd. NIO Inc., XPeng Inc. , and Li Auto Inc. announced their smart technology achievements. Zhejiang Geely Farizon New Energy Commercial Vehicle Group Co., Ltd. the FAW Hongqi brand, and the Dongfeng Voyah brand conducted autonomous driving tests on public roads.

Major foreign automakers are accelerating the launch of BEV models. Audi will launch a BEV model developed exclusively for the Chinese market in 2025. Mercedes-Benz will begin production of the new BEV long-wheelbase CLA and the new BEV MPV exclusively for China in 2025. GAC Honda Automobile Co., Ltd. will release six new BEV models by 2027. In addition to this, all BEVs to be launched by the VW brand in China from 2026 will be equipped with the E/E architecture jointly developed by Volkswagen and XPeng.

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