Car Market Scan (July 8th-14th, 2024)

1. Weekly Car Market Overview

Passenger Cars: From July 1st to 14th, the retail sales of passenger cars reached 578,000 units, a 3% increase compared to the same period last year, and a 6% increase compared to the previous month. The cumulative retail sales since the beginning of the year have reached 10,417,000 units, up by 3% year-on-year. From July 1st to 14th, the wholesale volume of passenger car manufacturers nationwide was 449,000 units, a 23% decrease year-on-year, and a 15% decrease compared to the previous month. The cumulative wholesale volume since the beginning of the year has reached 12,201,000 units, up by 5% year-on-year.

New Energy Vehicles

From July 1st to 14th, the retail sales of new energy vehicles reached 286,000 units, a 27% increase year-on-year, and a 6% increase compared to the previous month. The cumulative retail sales since the beginning of the year have reached 4,399,000 units, up by 33% year-on-year. From July 1st to 14th, the wholesale volume of new energy vehicles by passenger car manufacturers nationwide was 251,000 units, a 10% increase year-on-year, and a 13% decrease compared to the previous month. The cumulative wholesale volume since the beginning of the year has reached 4,870,000 units, up by 29% year-on-year.

2. A Steady Start for National Passenger Car Market Retail in July 2024

In the first week of July, the daily retail sales of passenger cars averaged 39,000 units, a 6% increase compared to the same period last year, and a 9% increase compared to the previous month. In the second week, the daily retail sales averaged 43,000 units, a 1% decrease year-on-year, and a 4% increase compared to the previous month. From July 1st to 14th, the retail sales of the passenger car market reached 578,000 units, a 3% increase year-on-year, and a 6% increase compared to the previous month. The cumulative retail sales since the beginning of the year have reached 10,417,000 units, up by 3% year-on-year.

3. Weak Start for National Passenger Car Manufacturer Sales in July 2024

In the first week of July, the daily wholesale volume of passenger car manufacturers averaged 28,000 units, a 26% decrease compared to July last year, and a 21% decrease compared to the same period last month. In the second week, the daily wholesale volume averaged 36,000 units, a 22% decrease year-on-year, and a 10% decrease compared to the previous month. From July 1st to 14th, the wholesale volume of passenger car manufacturers nationwide was 449,000 units, a 23% decrease year-on-year, and a 15% decrease compared to the previous month. The cumulative wholesale volume since the beginning of the year has reached 12,201,000 units, up by 5% year-on-year.

4. Automobile Production Increased by 6% in the First Half of 2024, Consumption Decreased by 1%, with a New Energy Vehicle Penetration Rate of 39% in June

According to data from the National Bureau of Statistics, in June, the total retail sales of social consumer goods were 4,073.2 billion yuan, a year-on-year increase of 2.0%. Among them, the consumption of automobiles was 436.7 billion yuan, a decrease of 6%, while the retail sales of consumer goods excluding automobiles were 3,636.4 billion yuan, an increase of 3.0%. From January to June, the total retail sales of social consumer goods were 23,596.9 billion yuan, a year-on-year increase of 3.7%. Among them, the consumption of automobiles was 2,296.2 billion yuan, a decrease of 1%, while the retail sales of consumer goods excluding automobiles were 21,300.7 billion yuan, an increase of 4.1%.

5. June Pickup Market Analysis

In June 2024, the pickup market sold 44,000 units, a year-on-year decrease of 2.9%, and a month-on-month decrease of 2%, which is at a mid-high level in the past five years. Due to the relatively high base of pickups in June last year, this year's growth rate is still quite good. From January to June, the pickup sales volume was 262,000 units, achieving a year-on-year increase of 1.8%, with an overall good performance.

6. Public Security Bureau's Vehicle Registration and Driver Data Analysis

According to the latest information released by the Public Security Bureau, as of the end of June 2024, the total number of motor vehicles in the country reached 440 million, including 345 million cars and 24.72 million new energy vehicles; there are 496 million car drivers. In the first half of 2024, the country registered 168 million new motor vehicles and 139.7 million new drivers. Faced with the growing trend of personalized travel of small and micro electric vehicles, the significance of promoting consumption of the towing class C6 driver's license is not obvious. If the C7 driver's license for micro electric vehicles is promoted, the number of elderly and female drivers will be increased, supporting the new energy to the countryside, which should allow the car market to have a larger space for consumer growth.