On the 11th, according to data released by the China Association of Automobile Manufacturers, the automotive industry experienced a sharp decline in production and sales in February due to the influence of the Spring Festival holiday. Domestic car production and sales dropped significantly compared to the same period last year, with Japanese brands seeing a year-on-year sales decline of over 40%. However, looking at the first two months of the year as a whole, domestic auto production and sales showed strong growth, with an increase of more than 14% year-on-year. A major Japanese automaker has announced plans for a nationwide promotional campaign this month and next, aiming to regain market share.
German brands saw an increase in market share during the period, while Japanese cars struggled to maintain their previous performance. According to the association’s report, February saw 1,437,200 units produced and 1,354,600 units sold, both sharply lower than the previous month and the same period in 2023. However, the combined production and sales for January and February reached 3,311,700 and 3,389,100 units respectively, showing a robust year-on-year growth of 14.1% and 14.7%.
The drop in February was largely attributed to the timing of the Spring Festival, which affected consumer activity and manufacturing schedules. Despite the short-term decline, the overall outlook for the automotive sector remains positive, with strong demand and varied performance across different models. Notably, Japanese car sales in February fell by more than 40%, marking a significant slowdown after a strong start in January. The market shares for passenger vehicles in February were distributed as follows: 19.9% for German brands, 12.1% for American, 11.9% for Japanese, 9.5% for Korean, and 3.5% for French. Compared to the same period last year, Japanese brands lost ground, while German and other foreign brands gained traction.
Several Japanese automakers reported lower sales in the first two months of 2024 compared to the same period in 2023. Nissan sold 174,000 units, down 14.1%; Honda sold 79,272 units, a decrease of 4.1%; Mazda sold 29,501 units, down 19.4%; and Toyota sold 108,800 units, a drop of 13.3%. In response, Japanese automakers are ramping up efforts to regain lost ground, particularly against German and Korean competitors. Guangqi Honda, for example, announced plans for large-scale promotions from March to April, including car loan discounts and special offers for returning customers.
Luxury car sales also showed mixed results in February. Audi reported a 3.5% year-on-year decline in China, ending its streak of consecutive growth. Daimler saw a sharp drop of 47% in sales, while BMW was one of the few luxury brands to record positive growth, with a 3.2% increase. Audi's February sales in China, including Hong Kong, totaled 30,268 units, down from 31,332 units in February 2023. However, the brand still managed to achieve a 16% year-on-year increase in cumulative sales for the first two months of 2024, reaching 67,946 units.
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