With the release of data in March 2024, the recovery signs of China's automobile market will become more and more obvious, especially the rapid growth of new energy vehicles and the rise of independent brands, bringing new vitality to the entire industry.

According to the analysis of the China Association of Automobile Manufacturers, after the Spring Festival, the production and operation activities of enterprises have accelerated, the prosperity of the manufacturing industry has significantly expanded and returned to the expansion range, and the market expectation continues to improve. In the first quarter, the economy of the automobile industry started steadily and achieved a good start. The production and sales volume of automobiles hit a new high in the first quarter since 2019.

Overall market performance: stable and good

According to the latest data released by the China Association of Automobile Manufacturers (hereinafter referred to as the "China Association of Automobile Manufacturers"), in the first quarter of this year, the production and sales of automobiles were 6.606 million and 6.72 million, up 6.4% and 10.6% year on year respectively. Among them, the production and sales of domestic automobiles in March reached 2.687 million and 2.694 million respectively, achieving double growth on a month on month basis. These data show that after the short adjustment period of the Spring Festival, market demand has rapidly warmed up, and consumers' enthusiasm for buying cars has been effectively released.

From the perspective of the overall market, in the first quarter, the economy of the automobile industry started steadily and achieved a good start. Chen Shihua, deputy secretary-general of the China Association of Automobile Manufacturers, pointed out that after the Spring Festival, the production and operation activities of enterprises have accelerated, the prosperity of the manufacturing industry has significantly expanded and returned to the expansion range, and the market expectation continues to improve. At the same time, after the festival, a large number of new cars came into the market, auto shows and other offline activities were carried out in succession, and some regions introduced promotional policies such as trade in, driving the car sales to show a rapid growth month on month.

Specifically, the production and sales of automobiles grew rapidly, and both passenger cars and commercial vehicles performed well; New energy vehicles continue to grow rapidly, with a stable market share of 30%; The export of finished vehicles remains at a high level and continues to play a positive role in driving the growth of the industry; Chinese brands continue to rise and their market share remains high.

In terms of market segments, in March, the market share of Chinese brand passenger vehicles was nearly 60%, with 1.326 million Chinese brand passenger vehicles sold, up 26.1% year on year, accounting for 59.3% of the market share. In the first quarter, 3.392 million Chinese brand passenger cars were sold, up 26.4% year on year, accounting for 59.6% of the market share.

Export market: becoming a new engine of growth

The import and export data is an important indicator to measure the international competitiveness of a country's automobile industry, and the latest import and export data of China's automobile industry is eye-catching. According to the data released by the China Automobile Association, 502000 cars were exported in March, up 33% month on month and 37.9% year on year.

The export of finished vehicles remains at a high level, which continues to play a positive role in driving the growth of the industry. Among them, the export performance of Chinese self owned brand cars is strong. Among the top ten enterprises in vehicle export, SAIC ranked first in terms of export volume, with 95000 vehicles, up 10.6% year on year, accounting for 19.1% of the total export volume; Compared with the same period of last year, BYD's export growth rate was the most significant, with 39000 vehicles exported, up 1.7 times year-on-year.

It is worth thinking that the growth of China's automobile export market shows the growing competitiveness of Chinese automobile brands in the international market. The substantial growth in the export of new energy vehicles, especially the outstanding performance of independent brands in overseas markets, shows that China's technological innovation and brand building in the field of new energy vehicles have begun to be recognized by the international market. However, with the intensification of global automobile market competition, especially in mature markets such as Europe and the United States, Chinese automobile brands are facing higher technical standards and consumer expectations. How to further improve the technical content and quality of products while maintaining the cost advantage will also be an important test for Chinese automobile brands.

New energy vehicles: continue to lead the growth

Since this year, the strong growth momentum of new energy vehicles has not only continued, but also steadily increased its market share.

According to the data, in the first quarter, the production and sales of new energy vehicles were 2.115 million and 2.09 million, up 28.2% and 31.8% year on year, respectively, with a market share of 31.1%. In March, 863000 and 883000 new energy vehicles were produced and sold, up 28.1% and 35.3% year on year, respectively, with a market share of 32.8%.

With the continuous "going out" of Chinese automobile brands, and the continuous improvement of product quality and technical level, the international competitiveness of Chinese automobiles has significantly increased. In March, the volume of automobile exports hit a record high, especially the growth of new energy vehicle exports.

In March, 124000 new energy vehicles were exported, up 59.4% year on year. This achievement not only reflects the overall strength of China's automobile industry, but also indicates that China's automobile position in the global market will be further strengthened.

Looking forward to the future: Policies such as "old for new" will stimulate consumption potential

The automobile industry is a pillar industry of the national economy and plays an important role in stabilizing growth and employment. In general, the performance of China's automobile market in March 2024 reflects both the great potential of China's automobile industry and the challenges it faces. While new energy vehicles lead the market growth, the rise of independent brands marks that China's automobile industry is moving towards higher quality and higher technology.

Looking forward to the second quarter, Chen Shihua, deputy secretary-general of the China Association of Automobile Manufacturers, said that with the detailed implementation of policies such as "old for new" of automobiles, the potential of automobile consumption will be further stimulated, industry expectations will be stabilized, and high-quality development of the industry will be assisted.

Cui Dongshu, secretary-general of the National Passenger Vehicle Market Information Joint Conference, said that with the gradual maturity of the market segments of various technical lines of new energy vehicles, new models have greatly enriched consumer choices, and the homogenization brought by the increase in product supply will also intensify competition. This year, the price war is likely to be conducted in a mixed manner of price reduction promotion and positioning downward exploration. New energy manufacturers will package more rights and benefits to stabilize product prices. 2024 is the key year for new energy vehicle enterprises to gain a firm foothold, and the competition is doomed to be very fierce.

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