The sales of imported cars in the first half of the year totaled 324,200 units, down for five consecutive months
2024-08-07
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From January to June 2024, my country's cumulative sales of imported cars reached 324,200 units, down 11.1% year-on-year. From the monthly sales perspective, the overall imported car market sales in June remained stable at a low level; except for a sharp increase of 36.6% in sales in January this year, sales in February-June have been declining by double digits year-on-year for five consecutive months.
The Circulation Association stated that the rise of domestic cars and the accelerated localization of international brands have led to a continued downturn in my country's automobile imports in recent years. After four consecutive years of decline in automobile imports, "destocking" will still be the main task in 2024.
Recently, the China Automobile Dealers Association released the first half of the imported car market data. From January to June 2024, my country imported a total of 332,000 vehicles, a year-on-year decrease of 4.1%; the import value was 132.35 billion yuan, a year-on-year decrease of 11.8%. The dealer association said that the rise of domestic cars and the accelerated localization of international brands have led to a continued downturn in my country's automobile imports in recent years. After four consecutive years of decline in automobile imports, "destocking" is still the main task in 2024.
In terms of sales, from January to June 2024, my country's cumulative sales of imported cars reached 324,200 units, down 11.1% year-on-year. The Circulation Association analyzed that in the past two years, the terminal demand for imported cars has remained stable at a low level. From 2020 to 2022, the imported car market declined due to the short-term impact of the epidemic and chips; in 2023, the cumulative sales reached 769,000 units, basically the same as the previous year.
Source: China Automobile Dealers Association
Judging from the monthly sales, in June, the overall sales volume of the imported car market remained stable at a low level. Except for a significant year-on-year increase of 36.6% in January this year, sales in the period from February to June have been declining by double digits year-on-year for five consecutive months.
The decline in sales has led to a further increase in the inventory of imported cars. According to the Circulation Association, the destocking cycle of imported cars will continue in 2024, with sales further falling in June and the inventory depth rising to 6.6 months, a record high.
Source: China Automobile Dealers Association
In terms of price, from the overall situation in the past decade, the unit price of imported cars has been on an upward trend. From 2015 to 2024, the unit price of imported cars increased from 252,100 yuan to about 400,000 yuan, but the situation has changed since this year. The Circulation Association said that according to customs statistics, after the average unit price of imported cars in March fell below the average unit price in 2023 for the first time, the average unit price of imported cars in June fell further, indicating that the consumption upgrade trend in the automobile industry has changed in recent years.
From the perspective of brand structure, luxury cars are still the main sales force in terms of sales share, accounting for 90.58% of the total sales from January to June. In the first half of this year, the sales of luxury cars fell by 10.07% to 293,700 units; super luxury cars fell by 34.15% to 2,665 units; non-luxury cars fell by 17.94% to 27,900 units.
In the first half of this year, three of the top ten brands achieved positive growth, namely Lexus, Toyota and MINI. Among them, Toyota sold 18,100 vehicles, with the largest increase of 29.1%. The Circulation Association believes that the "price war" in the domestic auto market has affected the imported car market. For example, the sales of the Porsche brand in the first half of the year fell by 39.5% compared with the same period last year, and the decline of the Volkswagen brand reached 54.8%.
Source: China Automobile Dealers Association
In terms of vehicle model structure, in the first half of this year, sales of the three major vehicle models all fell to varying degrees, with sedans down 6.56% year-on-year, SUVs down 15.06% year-on-year, and MPVs down 9.82% year-on-year. Among sedans, the niche coupe model performed relatively well, up 8.53% year-on-year.
In terms of displacement, in the first half of the year, the proportion of models in the 1.5-2.0L displacement range rose to 40.8%, an increase of 1% year-on-year, maintaining the largest displacement range; the 2.5-3.0L displacement range accounted for 28%, a year-on-year decrease of 0.6%, and was the second largest displacement range; the 2.0-2.5L displacement range accounted for 22%, ranking third.
In terms of new energy, the sales volume of imported new energy vehicles in the first half of this year was 13,100 units, a year-on-year decrease of 40.6%. Among them, pure electric vehicles decreased by 32.3%, and plug-in hybrid vehicles decreased by 49.7% year-on-year. The Circulation Association analyzed that as China's automobile industry continues to grow stronger, the electrification transformation has changed the market demand structure, the demand for fuel vehicles has continued to shrink, and the demand for imported fuel vehicles has also declined significantly. It is recommended that the industry prepare for a rainy day and establish more import models to maintain a reasonable scale of imported vehicles. (China Economic Net reporter Chen Mengyu)
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