Domestic brands are rising against the trend

[shapanwwuom]

The BMW Group said: "Although deliveries in the first half of 2024 were the same as last year, sales in the second half of the year were affected by the IBS braking system and the sluggish Chinese market, so the full-year sales forecast was readjusted."

Mercedes-Benz's global sales in 2024 will decrease by 3% from 2023 to 1.98 million units; sales in the Chinese market will be 714,000 units, a year-on-year decrease of 7%, making it the single market with the largest decline in the world.

In addition, the sales of Japan's three major automakers, Toyota, Honda and Nissan, also declined collectively, with Honda's sales falling by 30.9%.

As for the decline in sales of these foreign automobile student data brands, analysts believe that the main reasons are the impact of the economic environment, intensified market competition, lagging technological transformation and the impact of recall incidents. At the same time, Chinese local automobile brands have risen rapidly in the new energy field and their market share has further expanded.

In contrast, the sales of domestic new energy vehicle companies have continued to increase significantly and set new records this year, presenting an overall sharp contrast of growth and decline.

BYD is undoubtedly the biggest winner, with cumulative sales of 4.2721 million vehicles for the whole year, a year-on-year increase of 41.26%, exceeding the sales target of 3.624 million vehicles set at the beginning of the year.

Chery Group's annual sales volume reached a historic high of 2.6039 million vehicles; Geely Auto's annual sales volume exceeded 2.17 million vehicles, exceeding the annual sales target of 2 million vehicles.

In terms of "new forces", Ideal Auto's annual sales exceeded 500,000 vehicles, making it the first "new force" car company to achieve this goal. Leapmotor delivered nearly 300,000 vehicles in total throughout the year, while Xiaomi Auto exceeded its annual target of 130,000 vehicles.