Chinese passenger car market grew by 3% over 9 months of 2024
- The Chinese passenger car market grew by 3% in the first 9 months of 2024 compared to the first 9 months of 2023, to 18,676,109 units against 18,128,133, which is a better result than that recorded in the other two major global markets, +1% in Europe and +0.4% in the United States. As a result, the gap is widening between China and these two other markets: 9,779,605 units in Europe (30 countries = EU + United Kingdom + Switzerland + Norway) and 9,658,402 units in the USA. However, there is a slowdown of the Chinese market growth (as in Europe and the USA), as growth had reached 6.8% over the first 9 months of 2023 compared to the first 9 months of 2022 and +6.3% over the first 6 months of 2024 compared to the first 6 months of 2023. And growth is only 1.5% in September 2024. A slowdown can be expected between October and December 2024, with the whole year potentially ending at +2.5%.
- The share of Chinese carmakers (including Wuling and Baojun, counted by GM in the GM group) is at its highest, reaching 65% of total passenger car sales in China in the first 9 months of 2024, and even 68% in September 2024.
- As a result, the Volkswagen group is now largely outpaced by the Chinese group BYD, with a market share that does not exceed 10.2% compared to 14.6% for BYD, while it had been the leader of the Chinese market with a large lead over its competitors for several decades. The most dramatic case is that of the GM group (including Wuling and Baojun) which fell to 5% market share while it was following the VW group in second place in the market for several decades. In 2024, the GM group is now in seventh place, behind BYD, Volkswagen, Geely, Chery, Changan and Toyota.