The Chinese automobile market grew by 6.3% in the first half of 2024
- The Chinese automobile market for passenger cars increased by 6.3% in the first half of 2024 compared to the first half of 2023, to 11,976,050 units compared to 11,268,226 (for the record: first half of 2023/first half of 2022 = +8.9%).
- However, the market is slowing down because at the end of April, we were still at +10.6% then 8.5% at the end of May. We could end the year at +3% or even +2.5%, at 26.7 or 26.8 million units.
- It was in April 2024 that BYD overtook the VW group for the first time, which had been the Chinese market leader for around thirty years. BYD occupies 13.4% of the Chinese market, while the German manufacturer only represents 10.6% of the market compared to 12% last year, 14% in 2021 and 19% in 2019. And the gap between BYD and VW has been growing steadily since April.
- Following adoption of European tariffs on 4 October, China could adopt retaliatory measures against Europe, which would weaken the VW's position in China.
- The GM group, former number 2 in the Chinese market, falls to sixth place in 2024, with 5.4% of the market compared to 7.0% last year, supplanted by Geely (9.0%), Chery (8.7 %) and Changan (6.9%). The Japanese Toyota, Honda and Nissan are also declining, their cumulative share falling from 15.2% to 11.9%, while Tesla, BMW and Mercedes are still holding out.
- Other Chinese manufacturers represent 20.3% of the Chinese market, a stable market share compared to last year, which demonstrates that these manufacturers do not benefit from the same dynamism as BYD, Geely, Chery or Changan.
- China now represents 36% of the global automobile market.