Analysis of the latest developments in China's automobile market

In January 2024, China's auto sales reached 2.4 million units, up 47.9% year-on-year. New energy vehicle sales increased by 78.8%, and fuel vehicle sales increased by 40.1%. Exports surged by 47.2%, helping to ease the pressure of structural overcapacity. Fuel vehicle exports accounted for as high as 77%, with Chery becoming the largest exporter. BYD surpassed Tesla to become the largest exporter of new energy vehicles. Competition in the plug-in hybrid vehicle market intensified, and BYD's market share declined.