Domestic auto retail sales are expected to reach 22.3 million units in 2024, up 3% year on year, Cui Dongshu, secretary general of the CPPCC, said at the World New Energy Vehicle Conference on September 28. Among them, the domestic retail sales of new energy passenger vehicles were 10.4 million units, up 34% year on year.
Late last year, the association projected 22.2 million passenger car retail sales in 2024. “[The increase] will definitely be more than 100,000. The recent policy adjustment has been too fast.” Cui Dongshu explained.
Sales data showed that in August, China’s narrow passenger car retail 1.905 million units, down 1.0% year on year, an increase of 10.8% month on month; So far this year, 13.472 million units have been sold, up 1.9% year on year. Among them, the growth rate of new energy retail in August was 17% month-on-month in July, and the domestic retail penetration rate of new energy vehicles reached 54%, an increase of 16.7 percentage points compared with August 2023, hitting a new high in penetration rate。
Performance data show that from January to August 2024, the revenue of the automobile industry was 6.414 billion yuan, up 3% year on year; The cost was 5,620.8 billion yuan, up 4%; Profit was 303.6 billion yuan, up 3% year on year; The profit margin of the automobile industry is 4.7%, which is still low compared to the average profit margin of 6.2% for downstream industrial enterprises.
