Chinese Auto Market was steady in 2023. The largest car market in the world reported 22.37 million sales (+1.1%) confirming to have achieved the top level. The market evolution now is focused on the shift from combustion to electric engines.
Market Trend and Outlook
China’s economy grew by about 5.2% in 2023, slightly better than the official target. While this expansion would mark a significant pick-up over 2022, when China’s economy grew by just 3%, it is still one of the country’s economic worst performances in over three decades.
Barring the pandemic years through 2022, when China’s growth was disrupted by strict lockdowns and other restrictions, 5.2% is the country’s slowest pace of annual growth since 1990
China’s credit-fueled growth in recent years was accompanied by widening imbalances and rising vulnerabilities. Excessively high household savings were used to finance infrastructure and residential investment with diminishing returns, resulting in elevated debt levels.
The Chinese auto market has shown signs of a slight slower growth in 2023, with figures at 22.37 million up a mere 1.1% from the previous year. In December 2023 sales grew for the third month in a row after falling for 4 consecutive months, reporting 2.43 million new sales (+9.1%).
Looking at cumulative data up to December 2023, brand-wise the Chinese EV manufacturer BYD becomes the leader for the first time with 2.57 million sales (+45.5%), followed by the Volkswagen -down 1 spot- in 2nd at 2.24 million (-2.7%).
Toyota falls 1 spot into 3rd with 1.73 million sales (-6.8%), followed by Honda with 1.20 million registrations (-13.3%), Changan with 1.13 million sales (+3.1%) and Geely with 1.01 units sold (+13.5%).
In 7th place ranks BMW -up 1 spot- with 796,782 sales (+5.8%), followed by Mercedes -up 1 spot– with 728,558 (-1.4%), Audi -up 4 spots- with 726,344 (+15.6%) and Wuling closing the Top 10 with 702,772 sales (-3.3%).
Best selling models in China are the Tesla Model Y in 1st -up 3 spots- with 396,339 sales (+23.9%) and the BYD Qin Plus in 2nd -up 5 spots- with 393,071 cumulative units sold (+40.8%).
Tables with sales figures
In the tables below we report sales for all Brands, top 10 Manufacturers Group and top 10 Models.
