Chinese market evolution in Q1-2023 (PC+LUV)
- The Chinese light vehicle market (PC+LUV) recorded an increase of 2.2% over the whole 2022 year compared to 2021. However, the monthly figures for this year 2022 show strong growth from in the second half of 2022. Although the market plunged in January 2023, the Chinese market resumed its regular rhythm the following month. In the first quarter of 2023, the Chinese market is still down 6.5% compared to the first quarter of 2022. Despite this negative balance for the quarter, the coming months should follow the trend of March 2023.
- Inovev therefore expects a 4.5% to 5% increase in sales in China over the whole year, representing a volume of 28 to 28.2 million units, a figure lower than what we saw in 2017, which marked a peak in sales, with 28.9 million units.
- Passenger cars saw their sales decline by 7.2% in the first half of 2023, while light utility vehicles saw theirs fall by 2.7%. LUV sales had fallen significantly since 2020, far more than passenger car sales. In the first quarter of 2023, SUVs represented 46% of the Chinese light vehicles market, sedans 40%, MPVs 4% and LUVs 10%.
- By carmaker, the VW group remains the Chinese market leader (10% of the market), but it is now closely followed by BYD (9% of the market) and Changan (8% of the market). The GM group is only third (6% of the market), itself closely followed by Geely (6%) and Toyota (6%). Chinese brands represent 57% of the Chinese PC+LUV market, which is an absolute record since the arrival of foreign carmakers on the Chinese market in the early 1990s.