In 2023, the development momentum of China's automotive market is very strong. According to the China Passenger Car Association, China's total car sales exceeded 30 million units, which is a new all-time high. Among them, the sales of passenger cars were particularly prominent, with wholesale sales reaching 25.53 million units, a year-on-year increase of 10.2%, and retail sales reaching 21.699 million units, a year-on-year increase of 5.6%. The performance of domestic brands in China's auto market is particularly impressive. In 2023, the annual market share of domestic brands will reach 52%, which is a new height for the market share of domestic brands. This shows that for every 100 new cars sold, 52 are domestic brands, which is undoubtedly a strong suppression of the strong joint venture cars in the past.
In the narrow sense of passenger car retail sales ranking, domestic brands occupy three of the five positions, including BYD, Geely and Changan. In the wholesale sales ranking, domestic brands account for half of the six seats, which makes joint venture brands such as FAW-Volkswagen, SAIC-Volkswagen, SAIC-GM and GAC Toyota second. This trend reflects the changing competitive landscape in China's automotive market. In the past, joint venture brands dominated the Chinese market, but now the rise of domestic brands has challenged it. This not only brings new vitality to the Chinese auto market, but also establishes a good image for Chinese auto brands on a global scale. 2023 is an important milestone for the 70th anniversary of China's automotive industry. After 70 years of hard work, China's automobile industry has continued to grow and develop, achieving a leapfrog breakthrough from following to catching up, and becoming the world's largest automobile producer and seller.
