A few days ago, First Electric selected new energy vehicles with retail sales of more than 20,000 units in the first quarter of 2024 and joint venture fuel vehicles to compare them to see what changes have occurred in China's auto market in the first quarter of this year.
According to the retail sales data of the Passenger Association, in the first quarter of the new energy vehicle growth list, the retail sales of 13 new energy vehicles achieved positive year-on-year growth, of which the M7 soared by more than 15 times year-on-year, and the ideal L7 and destroyer 05 doubled.
In the first quarter, the retail sales of 7 models of joint venture fuel vehicles fell negatively year-on-year, and the former generation of "god cars" Leiling, Accord, Bora, Camry, and Corolla all fell by more than 20%.
#01
13 new energy vehicles are growing year-on-year, and the M7 and Ideal L7 have skyrocketed
In the list of new energy vehicle sales growth, there are 10 models with positive sales growth. Among them, thanks to the soaring price of the new M7, the sales of the M7 soared by 1521%, because the first batch of deliveries only started at the end of February last year, the ideal L7 soared by 322.9% year-on-year, and due to the launch of the Honor Edition, the destroyer 05 soared by 133.8%.
Also thanks to the launch of the Glory Edition, Song Pro, Qin PLUS rose 47.2% and 35.7% year-on-year respectively; Since it was only listed on February 6 last year, Panda mini rose 38.9% year-on-year; Benefiting from price reduction promotions, Changan Lumin achieved more than 30% positive growth year-on-year.
It is worth noting that the Seagull, which was listed on April 26 last year, Wuling Binguo, which was listed on March 29 last year, and Wuling Xingguang, which was listed on December 6 last year, "came from behind" and carved out a path of their own in the Chinese auto market.
On the contrary, there were 9 models with a sharp year-on-year decline in sales, of which 5 were from BYD, and its best-selling models Dolphin, Song PLUS, Yuan PLUS, Han and Tang all declined. Although the Honor Edition models were launched in February-March, it still failed to change the decline in sales of these models in the first quarter.
Aion's two cars, AION S and AION Y, both declined year-on-year, and even though the Xinghan version officially dropped 23,000 yuan in March this year, it failed to change the fact that AION S fell by 38.4% year-on-year in the first quarter.
#02
7 joint venture fuel vehicles fell sharply year-on-year, Lei Ling, Accord fell by more than 35%
In the list of joint venture fuel vehicle sales declines, the sales of 7 cars fell sharply year-on-year, 4 from Japanese cars, and the former generation of "god cars" Leiling, Accord, Camry, and Corolla fell by more than 20% year-on-year.
Among them, GAC Toyota Leiling, which fell by nearly 40,000 yuan in February, still fell by 38% in the first quarter, and similarly, Accord, which began to drop by 32,000 yuan in February this year, fell by more than 35% year-on-year in the first quarter of this year.
In order to maintain market share, FAW Toyota Corolla and Camry also took drastic price reduction measures, but they still failed to save their sales from a sharp decline.
In addition to Japanese cars, German cars Bora and Lavida also declined, with Bora's sales falling by 27.2% year-on-year. In March, the maximum price of the Bora terminal was reduced by 36,000 yuan, and the lowest starting price was 76,900 yuan, which also failed to save the decline in Bora sales.
On the contrary, in the TOP22 joint venture fuel vehicle decline list, there are 15 models whose sales have increased year-on-year, among which thanks to the outstanding version of the "price reduction and new promotion", the Tiguan L has the largest year-on-year increase of more than 51.6%.
In February, Honda CR-V received a significant discount of 4-50,000 yuan, helping its sales in the first quarter to increase by 45.7% year-on-year.
Similarly, thanks to the sharp price reduction promotion, BMW 3 Series, Mercedes-Benz C-Class, Audi Q5L, Tanyue, and RAV4 Rongfang all achieved a year-on-year increase of more than 30%.
#03
The "oil and electricity Armageddon" is intensifying
In the first quarter of 2024, China's auto market experienced two large-scale "price wars". First of all, 2024 has just begun, Tesla took the lead in cutting prices, followed by nearly 20 car companies to follow up, followed by the Year of the Dragon, BYD's sales declined, in order to maintain market share, it took the lead in "reducing prices and pushing new", and then many dominoes fell, and more than 20 car companies followed up with price cuts.
Judging from the above sales volume, in the "price war" of China's auto market in January 2024, joint venture fuel vehicles have the upper hand, resulting in a sharp decline in BYD's sales;
Overall, new energy vehicles are rapidly replacing gasoline vehicles, and the penetration rate of new energy vehicles in China exceeded 30% in the first quarter, an increase of 4 percentage points over the same period last year.
With the launch of the Xiaomi SU7, the Chinese auto market once again set off an "unprecedented" price war in April. According to incomplete statistics from the first electric network, since April, there have been more than 38 car companies, a total of 126 car series, to reduce prices or launch discounts, including 84 traditional fuel vehicles and 42 new energy models.
The "oil and electricity Armageddon" is intensifying. It is foreseeable that China's auto market will undergo earth-shaking changes in April.
Article source: First Electric Vehicle Network