On April 3, Beijing time, Honda China announced its latest sales "report card". According to official data, Honda's cumulative sales in the Chinese market from January to March 2024 were 206907 units, down 6.1% year-on-year (93.9% year-on-year). Among them, Guangqi Honda's cumulative terminal vehicle sales from January to March were 108361 units, down 8.1% from the same period in 2023, and Dongfeng Honda's cumulative terminal vehicle sales from January to March were 98,546 units, down 3.8% from the same period in 2023.
Honda China did not disclose the specific sales volume in March 2024, but combined with the previously released data, it can be calculated that Honda's terminal vehicle sales in the Chinese market in March were 60,449 units, a year-on-year decrease of 26.3%. Among them, Guangqi Honda sold 30,118 vehicles in March, down 28.0% from the same period last year, and Dongfeng Honda sold 30,331 vehicles in March, down 24.6% from the same period last year.
Since the beginning of 2024, Honda's terminal vehicle sales in the Chinese market have fallen sharply for two consecutive months (down 38.6% year-on-year in February), which is expected to be affected by the price reduction competition of independent automakers. Since late February, BYD's models have been updated to the "Glory Edition", and played the slogan of "electricity is lower than oil", and then Geely, Deep Blue and other independent brands have also adjusted the price of new energy models, and the joint venture car companies that are still mainly based on the sales of oil vehicles will inevitably be impacted.
Nowadays, China's automotive industry is accelerating the transition to electrification, and overseas auto companies will also face the adjustment of their business strategies in China, among which the problem of overcapacity undoubtedly needs to be solved by the management as soon as possible. In addition, before achieving full electrification, its gasoline vehicles may also need to continue to reduce prices and promote to consolidate market share.
According to previous media reports, Honda China will continue to transition to new energy and compete with price reductions in 2024 to further expand its new energy product matrix. According to the plan, Guangqi Honda e:NP2 and Dongfeng Honda e:NS2 will be launched in the first half of the year, and the first model of Dongfeng Honda's new energy brand, Lingxi L, is expected to be launched in September. So with the blessing of a number of new cars, whether Honda China can reverse the decline, the author will continue to pay attention.