Which carmakers are making progress in China over 9 months 2024?
- While the Chinese passenger car market grew by 3% in the first 9 months of 2024, which carmakers saw their sales increase sharply and which ones saw their sales decline sharply?
- Already in terms of volumes, the BYD group becomes the leader of the Chinese market in 2024, now occupying 14.6% of the market share in 2024 (compared to 11.4% in the first 9 months of 2023) and thus dethroning the Volkswagen group which fell to 10.2% of the market share compared to 11.9% last year, and which is therefore largely distanced this year. Its objective is to return to 15% of the Chinese market in 2030, which is ambitious.
- Behind BYD and Volkswagen, we note the presence of two Chinese carmakers who have made enormous progress compared to previous years. First, the Geely group – with its 11 different brands – closely follows the Volkswagen group, with a market share of 9% compared to 7.2% last year. Next comes the Chery group – with its 6 different brands – which is very close to Geely with 8.9% market share compared to 6.5% last year. Geely and Chery are expected to overtake the Volkswagen group in the coming months.
- The carmakers that are making the most progress in 2024 are BYD (+32.0%), Geely (+30.1%), Chery (+40.6%) but also carmakers with more modest volumes such as Seres (+306%) and Li Auto (+40.0%). We also note the rather unexpected good performance of FAW (Hongqi brand) which is progressing by 23.2% thanks to a "democratization" of its range.
- The carmakers that are expected to decline the most in 2024 are GM (-29.7%), Honda (-27.3%), GAC (-22.1%), SAIC (-22.0%) and Toyota (-18.3%). Japanese carmakers are as affected as European and American carmakers.