China’s passenger car market sales returned to double annual growth and monthly growth in March, and China’s own brands topped China’s domestic passenger car sales, with monthly sales of 300,000 units, placing Chery Automobile in second place. Sales returned to the location exceeded approximately 130,000 units. This is the first time BYD has topped the monthly sales list in 2024.
Yicai.com reported that in the top ten passenger car retail sales in March, Chinese independent brands occupied seven seats, namely BYD, Chery Automobile, Changan Automobile, Geely Automobile, Great Wall Motor, SAIC Passenger Car and SAIC-GM -Wuling. The remaining joint venture brands are FAW-Volkswagen, SAIC-Volkswagen,Tesla, BMW Brilliance and GAC on the list in FebruarytoyotaDongfeng Nissan fell out of the top ten sales teams.
According to data released by the Passenger Car Association, the passenger car market sold 1.687 million units in March, an annual increase of 6% and a monthly increase of 52.8%; the cumulative retail sales from January to March was 4.829 million units, an increase of 13.1%. Growth.
In March, retail sales of independent brands reached 930,000 units, an increase of 19% year-on-year. In March, the share of self-owned brands in domestic retail sales was 54.8%, an increase of 6 percentage points year-on-year in the first quarter of 2024, the market share of self-owned brands was 55%, an increase of Is; 5.4 percentage points compared to the same period last year.
It is worth noting that the retail sales of Japanese brands were 13.8%, a decrease of 2.2 percentage points year-on-year. Retail sales of U.S. brands were up 8.2%, a decline of 1.8 percentage points year over year.
In the new energy vehicle market, the advantages of independent brands have been further expanded. In March, the domestic retail penetration rate of new energy vehicles was 41.6%, an increase of 7.6 percentage points from the penetration rate of 34% in the same period last year. Among them, the penetration rate of new energy vehicles among independent brands is 63.3%, while the penetration rate of new energy vehicles among mainstream joint venture brands is only 7.4%.
Looking at the expansion of the independent brand market, new energy vehicles are the main driving force. In February, BYD intensively launched the Honor Edition model, significantly lowering prices, and also entered the new energy vehicle and fuel vehicle markets, leading more than 10 car companies to follow suit.
Under the strategy of lowering the prices and increasing the configuration of Honor Edition models, BYD achieved significant success in sales and market share in March, which put great pressure on fuel vehicles.
Regarding the future development of joint venture brands, BYD Chairman Wang Chuanfu once said that in the next three to five years, the share of joint venture brands will decline from 40% to 10%, of which 30% will be the future development. There will be room for. Chinese brand.
After BYD,MilletThe launch of the first car model, SU7, has once again triggered a new round of price war in the auto market. Since the end of March, five car companies including Wenji, Xpeng, Jicrypton, NIO and Haopin have successively launched limited-time discounts.
Looking forward to April, Cui Dongshu, General Secretary of the Passenger Car Association, said that due to price cuts and a series of other factors, consumers’ wait-and-see sentiment has intensified and they have to wait until the car market stabilizes. hopefully. Before buying a car. With the launch of Xiaomi cars and a new round of related models, further price adjustments, as well as new models entering the intensive release period this month, the market’s consumer enthusiasm will be gradually stimulated.
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