In January 2024, the Chinese automotive market recorded new car sales of 2.03 million units, according to industry data. This marks a 57.4% increase compared to the previous year, but a 13.9% decrease compared to the previous month. The drop from December 2023 to January 2024 is partially due to automakers reducing their discounting activities and pursuing in the final month of 2023 to meet annual sales targets.

Volkswagen surged ahead shifting 209,476 units in December 2023, achieving a year-on-year growth of 41.5% and capturing a market share of 10.29%. This accomplishment marked Volkswagen as the sole brand to surpass a 10% market share for the month, dethroning BYD, which had consistently held the number-one spot for eleven consecutive months.

In January 2024, the New Energy Vehicle (NEV) sector, comprising both electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs), continued to show stable growth in face of a period of market recovery. It contributed to 33.8% of total vehicle sales. EV sales reached 396,000 units, while PHEV sales reached 291,000 units.

January 2023 and February 2024 traditionally coincide with the Chinese New Year, leading to reduced sales as factories and retail stores close during this period. Indeed, the Chinese New Year typically impacts sales figures, resulting in a stronger performance in January 2024 compared to January 2023. Consequently, the overall sales volume of the market increased by more than 50% year-on-year, with all top 10 sales brands experiencing growth.

China New Car Sales: Top Selling Car Brands in January 2024

China New Car Sales: Top Selling EV Brands