Market Overview:
The car market in February has significantly decreased by 41.4% compared with January due to the Chinese New Year holidays. The total registration number this month is 26,267 units, which is 20% lower YOY. In this month, Among the major brands, apart from Mazda that had increased 50.1%, brands including Toyota, Lexus, MG, Hyundai, Honda, Mercedes-Benz, CMC, Nissan, and Ford had significantly decreased, and Mercedes-Benz has the biggest drop of 58.6%. The accumulated registration number in the first 2 months this year is 71,088 units, which is 5.1% higher YOY, which means the supply of new cars has come back to normal, and the accumulated orders are being delivered successively. However, after the record high annual sales volume of 2023, it should be difficult to keep the volume this year.
Market share of brands:
The market share performance of each brand this month is still led by Toyota/Lexus (35.9%). MG ranked at 2nd place by 6.5%, and Hyundai ranked at 3rd place by 6.1%, and Honda ranked at 4th place by 5.7%, and Mercedes-Benz ranked at 5th place by 5.1%, and Mazda ranked at 6th by 4.9%, and CMC ranked at 7th place by 4.7%, and Nissan ranked at 8th place by 4.4%, and Ford ranked at 9th place by 3.5%. Mazda is the only brand that had significant growth compared with last month, as other major brands had dropped in various scale.
Comparison between domestic cars and imported cars (excluding heavy duty trucks):
The sales ratio of domestic cars and imported cars is 57.4% vs. 42.6% this month. Imported passenger cars have 20.2% less sales ratio YOY, and it had decreased by 37.3 % compared with last month due to imported cars were undergoing model year changes, and also influenced by the Red Sea crisis and shipping. If these problems can’t be solved soon, European brands will be influenced the most.
Outstanding models:
There are just 4 models that had more than 1,000 units of sales this month… Corolla Cross (1,704 units), RAV4 (1,586 units), Town Ace (1,300 units), HS (1,065 units). In the competition of light duty trucks, Toyota Town Ace still significantly outperformed CMC Veryca (1,300 units vs. 767 units).
BEVs market:
The delivery of BEVs is totaling 668 units this month, and Mercedes EQE SUV occupies 20.2% of market share. In addition, iX1 has been delivered for 66 units, n⁷ has been delivered for 59 units, i5 has been delivered for 55 units, XC40 Recharge had been delivered for 46 units, iX has been delivered for 37 units, EV6 has been delivered for 27 units, and even though other brands had decreased, but they still have stable deliveries. The drop of BEVs market this month is 49% lower YOY due to Tesla’s ship hasn’t arrived, so that it should have more registration numbers in March.