Chinese auto brands see significant sales growth, while joint venture brands face challenges

According to data released by the China Association of Automobile Manufacturers, the sales of Chinese automobile market in 2024 will be encouraging, with the sales of Chinese brand passenger cars reaching 17.97 million, a year-on-year increase of 23.1%, and the sales share reaching 65.2%, a year-on-year increase of 9.2%. However, the sales of joint venture brands such as FAW-Volkswagen, SAIC Volkswagen, GAC Honda, Dongfeng Honda, and GAC Toyota have all declined, indicating that joint venture brands are facing severe challenges in the Chinese automobile market.