China Passenger Car Association: In August 2024, the national narrow passenger car retail sales will be 1.905 million units, a year-on-year decrease of 1.0%

According to data released by the China Passenger Car Association, the national retail sales of narrow passenger cars in August were 1.905 million, a year-on-year decrease of 1.0% and a month-on-month increase of 10.8%. Among them, the retail sales of new energy passenger cars in August were 1.027 million, a year-on-year increase of 43.2% and a month-on-month increase of 17.0%. In August, the retail penetration rate of new energy vehicles once again exceeded 50%, reaching 53.9%. "With the further implementation of scrapping and renewal policies and the introduction of local 'old for new' policies, terminal prices have begun to stabilize after the country called for anti-'involution', and consumers' wait-and-see sentiment has further eased, and the overall auto market has picked up."

Cui Dongshu, secretary general of the China Passenger Car Association, analyzed that the seasonal trend of the overall auto market and the seasonal trend of traditional fuel vehicles have gradually diverged, and the new energy vehicle market has become more popular in August. "Looking forward to the whole year, the China Passenger Car Association will give a specific number for the increase in the new energy vehicle market expectations after comprehensive analysis."

A Cailian reporter counted the August sales of 14 A/H-share listed automakers and found that eight automakers whose sales of new energy vehicles accounted for more than 40% all achieved sales growth in August; while five automakers whose sales of new energy vehicles accounted for a relatively low proportion all suffered double-digit sales declines in August.

BYD continued to consolidate its position in the new energy vehicle market in August, with sales reaching 373,100 vehicles, a year-on-year increase of 35.97%, setting a new monthly sales record.

This is also the sixth consecutive month that its monthly sales have exceeded 300,000 units. Among them, plug-in hybrid passenger cars are still BYD's main products, accounting for 60% of the total passenger car sales. Since May this year, with the launch of a number of new cars with the fifth-generation DM technology, the company's new car cycle has been driven, driving further growth in sales.

Geely Auto also continued to focus on the new energy market in August, with sales reaching 75,500 vehicles that month, a year-on-year increase of 64.86%, with new energy accounting for more than 40%.

From a brand perspective, Geely's new energy brands performed relatively evenly. Geely Galaxy sold 265,100 units in August, a year-on-year increase of more than 138%; Lynk & Co sold 225,300 units in August, a year-on-year increase of more than 20%, of which new energy products accounted for more than 74%; Zeekr delivered 180,200 units in August, a year-on-year increase of 46%.

Seres also saw a big increase in August, with sales of new energy vehicles reaching 36,200 units, a year-on-year increase of 479.55%. Since the beginning of this year, the Wenjie brand jointly created by Seres and Huawei has continued to launch new products.

On August 26, the new M7 Pro was launched. In the first half of the year, the M9 was delivered on a large scale, and the new M5 and M7 Ultra were launched. As the biggest beneficiary of the smart car selection model, Seres is also further deepening its cooperation with Huawei. On August 23, Seres announced that its subsidiary plans to purchase a 10% stake in Shenzhen Yinwang for RMB 11.5 billion.

In addition to SERES, another company that has deep cooperation with Huawei, BAIC BluePark, has also seen a significant recovery in sales in the past two months. In August, BAIC BluePark sold 13,100 vehicles, a year-on-year increase of 65.98%.

On August 6, the first luxury flagship sedan of Hongmeng Intelligent Driving, Xiangjie S9, jointly developed by Huawei and BAIC, was launched, which also injected a shot in the arm for BAIC BluePark.

New car manufacturers also performed well in August, with Li Auto and Leapmotor maintaining their respective growth momentum: Li Auto delivered 48,100 new cars in August, up 37.8% year-on-year; Leapmotor delivered 30,300 new cars in August, up 113.57% year-on-year. NIO and Xpeng Motors saw a slight year-on-year increase in August, and both automakers hope to boost sales through their second brands.

As the off-season for traditional automobile sales, the retail sales of conventional fuel vehicles in August was 870,000 units, a year-on-year decrease of 28%. The differentiation between the fuel vehicle market and the new energy vehicle market has further intensified, and the sales of the three major automobile groups, SAIC, GAC and Dongfeng, in August are a reflection of this differentiation.

SAIC Motor's sales in August were 257,600 vehicles, down 39.14% year-on-year. SAIC-GM's sales in August fell as much as 81.98% year-on-year, and the retail share of the entire American brand market in August was only 5.7%.

GAC Group's sales in August were 148,200 vehicles, down 24.69% year-on-year. In addition to the two major Japanese joint venture brands Honda and Toyota, which both saw year-on-year declines of more than 20%, GAC Aion brand was also not spared, with sales falling year-on-year for seven consecutive months, further exacerbating market competition.

Dongfeng Group's sales in August were 123,800 vehicles, a year-on-year decrease of 31.77%, which also reflects the overall weakness of the current fuel vehicle market.

"Only when both oil and electric vehicles are strong can the overall situation of the automobile industry continue to be stable and improve in the future." In this regard, the China Passenger Car Association has repeatedly called on the central government and governments at all levels to actively stabilize the consumption of fuel vehicles and promote stronger implementation of scrapping and renewal;

As for the performance of the upcoming "Golden September and Silver October", Cui Dongshu believes that "the effect will be more prominent". "The state has introduced scrapping and renewal policies to guide local governments to promote corresponding old-for-new incentive policies and issue implementation details in a timely manner. As policies are introduced one after another, it will bring better promotion to the sales of the 'Golden September and Silver October'."

Zikuai Technology