China Passenger Car Association: In October 2024, the retail sales volume of the domestic narrow passenger car market reached 2.261 million units, an increase of 11.3% year-on-year

According to the latest data from the China Automobile Dealers Association's Automotive Market Research Branch (CPCA), the domestic narrow passenger car market retail sales reached 2.261 million units in October, a year-on-year increase of 11.3% and a month-on-month increase of 7.2%.

The cumulative sales volume from January to October was 17.835 million vehicles, a year-on-year increase of 3.2%. Driven by the "golden September and silver October" sales peak season, the passenger car market showed a trend of rapid growth.

The “scrap and update” and “old for new” policies launched by the country have received a positive response from the market.

In particular, the domestic retail penetration rate of new energy vehicles has exceeded 50% for four consecutive months, and the A00+A0 and B-class new energy vehicle models have shown strong growth momentum.

Leading traditional automakers have performed well in transformation and upgrading, with their market share significantly increased and the destocking process effectively alleviating the operational pressure on dealers.

In the auto sales ranking, BYD led the way with sales of 431,367 vehicles in October, a year-on-year increase of 67.2%, and a market share of 19.1%;

Geely Automobile ranked second with sales of 194,142 vehicles and a market share of 8.6%;

Chery Automobile ranked third with sales of 144,499 vehicles.

Among the top ten automakers, sales of FAW-Volkswagen, Changan Automobile, GAC Toyota and Great Wall Motors declined year-on-year.

In the new energy market segment, BYD continued to lead with sales of 431,367 vehicles and a market share of 36.1%, followed by Geely Auto and SAIC-GM-Wuling in third place.

Among the top ten automakers, GAC Aion's sales volume declined year-on-year, while Chery Automobile became the fastest growing company with a year-on-year increase of 416.3%.

Zikuai Technology