Top 4 Best-Selling Domestic Car Manufacturers in China
The Passenger Car Association of China has recently released data on the best-selling cars in the country throughout 2024. The cumulative retail sales from January to December 2024 for the passenger car market were reported to be 22.892 million units, marking a moderate increase of 5.5% compared to 2023 levels. It comes as no surprise that BYD topped the list, but the top five now consist of four Chinese manufacturers, up from three the previous year. The total number of Chinese manufacturers in the top ten remains at five, but there have been significant changes in rankings.
BYD Leads the Way
BYD continues to dominate the market, holding a 16.2% market share in China. This means that one out of every six cars sold is a BYD. Following closely in second place is Geely, with less than half of BYD’s market share. The top five companies collectively control 42.7% of the market, while the top ten control 61.3%. Among the top ten, the five Chinese companies hold 39.3% of the market share.
Geely and Chery See Significant Sales Growth
Geely experienced a 28% increase in sales year-over-year, securing its position as the second best-selling domestic car manufacturer in China. Meanwhile, Chery jumped from eighth place in 2023 to fifth place in 2024, thanks to a remarkable 64.6% increase in sales. This growth propelled them into the top five rankings.
SAIC-GM-Wuling and Tesla Enter the Top Rankings
A notable newcomer to the top rankings is the joint venture SAIC-GM-Wuling, which claimed the seventh spot with a 14% increase in sales. Interestingly, Tesla also made its debut in the top ten, replacing Great Wall in the tenth spot. Great Wall experienced a significant decline in sales in China in 2024, leading to its exit from the top rankings.
In conclusion, the landscape of the best-selling domestic car manufacturers in China is evolving, with Chinese companies strengthening their positions in the market. As consumer preferences continue to shift, it will be interesting to see how these rankings fluctuate in the coming years. Stay tuned for more updates on the automotive industry in China.
