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Global sales announced in the first quarter, Geely surpassed BYD.

2024-05-30 Update From: AutoBeta NAV: AutoBeta > News >


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A few days ago, the latest report pointed out that global sales in the first quarter of 2024 were 21.05 million vehicles, an increase of 3 per cent over the same period last year, of which 8.15 million vehicles were sold in March 2024, basically the same as in the same period in 2023, with an increase of 34 per cent month-on-month. Cui Dongshu said that the recovery of China's auto market was strong in March, with Chinese car companies such as Geely Motor and Changan Automobile rebounding most effectively, while Asian groups represented by Toyota and Kia still performed poorly. Data show that China accounted for 32% of the global auto market in the first quarter of 2024 and 33.8% in 2023, mainly affected by the Spring Festival holiday at the beginning of the year.

Among the auto companies ranked by global auto sales in 2024, Toyota Group ranked first with a market share of 10.6%, making it the only auto group with more than 10%, followed by Volkswagen Group and Hyundai Kia Group, which accounted for 9.5% and 7.4% respectively. The three auto groups account for 27.5% of the market.

Toyota once again won the top spot in all sales, with a market share of 10.6% in the first quarter, 1.1% higher than Volkswagen. Among them, the North American market is the largest market of the Toyota Group, with a market share of 14%, an increase of 1.7% over the same period last year, while the market share in China is 4%, down 1.4% from the same period last year, 7% in Europe and 14% in the southern hemisphere. it can be seen that Toyota's global sales network is very sound and the brand appeal is very strong.

Volkswagen Group has many brands, including Volkswagen, Skoda, Audi, Porsche, Lamborghini, etc., but it has always underperformed Toyota Group in the global market, with a global market share of 9.5% in the first quarter, the same as in the same period. Although not as good as Toyota Group, Volkswagen Group's performance in the Chinese market is still relatively good. The Chinese market is Volkswagen Group's largest single market in the world, with a market share of 10%, but it is still down 0.4% from a year earlier, while Europe's market share is 21%. Down 1.4% from a year earlier. In terms of brand performance, Volkswagen sold 1.0797 million passenger cars, Audi sold 396900, and luxury brands such as Bentley and Porsche declined. Unlike Toyota Group, Volkswagen Group is more active in the new energy vehicle market, and it also works with Xiaopeng Motor in pure electric platform and intelligence, which may be able to open up the situation in China's new energy vehicle market.

Hyundai Kia ranks third in the world, with a market share of 7.4%, down 0.6% from a year earlier. As the third automobile group in the world, Hyundai Kia Group has a pitifully small market share in China, accounting for only 1%. Under the background of the rapid development of China's own brands, Korean brands lack product competitiveness, coupled with the late layout of the new energy vehicle market, its market share has been declining gradually for six consecutive years.

In addition, Stellantis Group, Renault-Nissan-Mitsubishi Alliance, General Motors, Honda Motor, Ford Motor, Suzuki Motor and Geely Motor Group are all in the top three, of which Geely Motor Group is the only Chinese company in the top 10, and overtakes BYD Group to become the best-selling Chinese car company in the world.

It is understood that Geely Automobile Group has many brands, including Geely, Lecker, Polar Krypton, Volvo, Lutes, Polestar Star, Radar cars, Proton cars, long-distance cars, etc., accounting for 3.5% of its sales, including 8% of the Chinese market and 3% of the European market. According to the data, Geely Holdings Group sold 738400 vehicles in the first quarter of 2024, with Geely the highest brand in sales, with 381600 vehicles, up 44 per cent from a year earlier.

BYD underperformed Geely slightly, with a market share of 3.2% in the first quarter and sales of 626200 vehicles, up 13% from a year earlier. BYD is the world's largest new energy car company and the most widely distributed car company. The BYD brand is divided into Ocean net and Dynasty Network. Ocean net sells models including dolphins, seagulls, seals, destroyers 05, frigates 07, etc., while Dynasty Network includes Han, Tang, Song, Yuan and Qin. In addition, BYD in the high-end market also layout momentum, equation leopard, look up, some brands already have a certain market situation.

China is still a very attractive market, and multinational car companies need to reassess their global strategies and consider how to balance investment and resource allocation between China and other markets, including market trends, policy changes and competitive situations. to develop a more flexible strategy. At the same time, despite the fierce competition in the Chinese market, China still has huge market potential, especially in the field of new energy vehicles, multinational car companies can through innovation, customized products and cooperation with local partners, companies such as Volkswagen and Toyota have begun to join hands with China's local Horizon, Xiaopeng, Xiaoma Zhixing and other enterprises to comprehensively promote business reshaping in China.

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