Sales of China-made vehicles, including exports, rose by over 10% to 3.489 million units in December 2024 from 3.156 million units in the same month of 2023, according to passenger car and commercial vehicle wholesale data collected by the China Association of Automobile Manufacturers (CAAM). Overall sales were driven by a 12% rise in domestic deliveries to an estimated 2.985 million units last month, while exports rose by just over 1% to 504,000 units.
Global sales increased by 4.5% to a record 31.436 million units in 2024 after growing by 12% to 30.094 million units in 2023. New energy vehicle (NEV) sales, comprising mainly plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs), rose by over 35% to 12.866 million units last year, equivalent to around 41% of total sales, while NEV exports rose by just under 7% to 1.284 million units.
Overall vehicle production in the country rose by less than 4% to 31.282 million units.
Domestic vehicle sales are estimated to have increased by less than 2% to 25.580 million units last year from 25.184 million units in 2023, including a 40% rise in NEV sales to 11.582 million units. A weak first half was more than offset by growth in the second half of the year, as the market responded to government stimulus measures as well as aggressive promotions by vehicle manufacturers and dealers, including heavy discounting.
At the end of July the government doubled the one-off subsidy introduced in April to up to CNY20,000 (US$2,800) for buyers trading in their old internal combustion engine (ICE) vehicles for qualifying new models. These incentives have been extended until the end of 2025.
CAAM is forecasting global sales of Chinese-made vehicles to rise by just under 5% to 32.9 million units in 2025, including a 24% increase in NEV sales to 16 million units, with overall exports rising by 6% to 6.2 million units. This, despite a sluggish domestic economy and rising protectionism in many overseas markets.
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By GlobalData
GlobalData forecasts the Chinese light vehicle market at 25.7 million units in 2025. To help maintain the momentum in the market, the government has extended the scrapping subsidy program until the end of 2025 and also expanded the type of vehicles that qualify for the subsidies. In addition, the sales tax exemption for NEVs remains effective until the end of this year. As such, sales are expected to remain buoyant this year, led by strong NEV sales (which outsold ICEs in the Passenger Vehicle sector in H2 2024). Yet, global uncertainty and the still depressed property market present risks to the economy and the automotive market.
Broader measures introduced by the government last year to stimulate the domestic economic growth include instructions to local banks to ease lending and measures to support the struggling property sector. Nevertheless, China’s domestic economy remained sluggish overall last year. Fourth quarter GDP growth is expected to come in at around 4.7%, resulting in full-year growth of around 4.8%.
Manufacturer performances
BYD’s global sales surged by 41% to 4,272,145 units in 2024, becoming the country’s largest vehicle manufacturing group ahead of SAIC Motor. Its BEV sales rose by 12% to 1,764,992 units last year, while PHEV sales surged by 72£ to 2,485,378 units. The company also reported an 89% jump in commercial vehicle sales to 21,775 last year. Overseas sales rose by 72% to 417,204 units.
SAIC Motor reported a 20% fall in global sales to 4,013,023 units in 2024, despite a 10% rise in NEV sales to 1,234,075 units, with sales weaker across most of its subsidiaries. SAIC-GM-Wuling’s deliveries declined by 4.5% to 1,340,066 units last year and SAIC Volkswagen’s sales dropped by 5.5% to 1,148,091 units, while SAIC-GM’s plunged by 56% to 435,007 units. The group’s overseas sales were down by 14% to 1,038,414 units.
Geely group’s global sales across all brandsglobally rose by 22%to 3,336,534 units in 2024, while GAC Group reported a20% sales decline to 2,003,058 units. Great Wall Motor’s sales were slightly higher at 1,233,292 units – underpinned by a 43% surge in overseas sales to 453,141 units.
Tesla’s shipments from its Shanghai plant fell by 3% to 916,660 units last year, with local sales rising by 9% 657,102 units while exports fell by 25% to 259,558 units The company introduced a revised Model Y in China this month to help the brand compete locally and to drive up export sales.
