China's PC + LCV market grew 3.0% in 2017
- The Chinese car market (PC + LCV) increased by 3% in 2017, of which 1.4% for passenger cars, with a volume of 24.72 million units (against 24.38 million in 2016), which shows a slow down, as the growth of the Chinese market exceeded 14% the previous year. Inovev believes that the Chinese market will slow down further in 2018.
- It is the end of tax refunds on the majority of the cars marketed in China that put a damper on the increase of registrations in 2017, whereas the tax rebates had fully impacted and boosted the market in 2016.
- The share of Chinese manufacturers reached 36% of the market share of PC in 2017 and even 44% if we count commercial vehicles, thus getting closer to the objectives of the Chinese government. Foreign manufacturers still hold 64% of the PC market and 56% of the PC+ LCV market, even though their vehicles are produced under license by the Chinese manufacturers with whom they have created JVs which are over 50% owned by these same Chinese manufacturers.
- In 2017, seven manufacturers accounted for more than half of the Chinese market (58.6%): the Volkswagen group (16.3%), the GM group (15.8%), Renault-Nissan (6%), Honda ( 5.8%), Geely (5.6%), Toyota (4.6%) and Changan (4.5%). Among these seven manufacturers are two independent Chinese manufacturers (Geely and Changan), two Europeans (Volkswagen and Renault-Nissan), two Japanese (Honda and Toyota) and one American (GM).
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