Cui Dongshu of the Passenger Car Association: Domestic car retail sales are expected to reach 22.3 million units this year

Cui Dongshu of the Passenger Car Association: China’s domestic automobile retail sales are expected to reach 22.3 million units this year

Recently, Cui Dongshu, secretary-general of the Passenger Car Association, said in a speech at the World New Energy Vehicle Conference that China's auto retail sales are expected to reach 22.3 million units in 2024, a year-on-year increase of 3%. Among them, domestic retail sales of new energy passenger vehicles were 10.4 million units, a year-on-year increase of 34%. It is worth noting that this forecast shows a more optimistic growth expectation compared to the 22.2 million vehicle retail sales initially estimated by the Passenger Car Association at the end of last year. Cui Dongshu said: "(Growth) is by no means limited to 100,000 vehicles. Recent policies The adjustment was too quick.”
 
In addition, the latest data released by the Passenger Car Association shows that China's narrow passenger car retail sales in August were 1.905 million units. Although it fell slightly by 1.0% from the same period last year, it achieved a significant month-on-month growth of 10.8%. In the first eight months of this year, the cumulative retail sales of passenger cars reached 13.472 million units, a year-on-year increase of 1.9%. Especially in the new energy passenger vehicle market, retail sales in August reached 1.027 million units, a year-on-year increase of 43.2% and a month-on-month increase of 17.0%, demonstrating strong market vitality. As of August 2024, the total retail sales of new energy passenger vehicles have reached 6.016 million units, a significant year-on-year increase of 35.3%.
 
As of now, the total number of new energy vehicle-related companies in China has exceeded 1.483 million. Especially in the first eight months of 2024, the number of newly registered related companies surged to more than 224,000, demonstrating the strong momentum for the industry's continued expansion. From the perspective of geographical distribution, Guangdong, Shandong and Jiangsu, with their respective advantages, have more than 158,000, 147,000 and 109,000 related companies respectively, becoming important highlands for the new energy vehicle industry. In addition, looking at the time when companies were established, more than half of the companies were newly established in the past five years, and 23% of the companies were established within the past year.