The China Passenger Car Association released the "Analysis of the National Passenger Car Market for September 2023". In retail, the passenger car market reached sales of 2.018 million units in September 2023, a year-on-year increase of 5.0% and a month-on-month increase of 5.0%. Cumulative retail sales for the year have reached 15.233 million units, a year-on-year increase of 2.4%.
In September, retail car sales remained stable month-on-month. Despite setting a monthly record in August, September's sales were about 9% below the historical high of 2.19 million units set in September 2017. The September car market has been notably driven by quarterly sprint targets, with evident promotions for both gasoline and new energy vehicles, unleashing consumer demand.
In September, domestic brands retailed 1.07 million units, a year-on-year increase of 20% and a month-on-month growth of 7.9%. In September 2023, domestic brands accounted for 53.4% of the national retail market share, a year-on-year increase of 6.4 percentage points. The cumulative share for the year was 51%, up 4.9 percentage points from the same period last year. The wholesale market share of domestic brands in September was 56.6%, up 6.3 percentage points year-on-year. Brands like BYD, Changan, and Geely showed significant growth as leading traditional automakers showcased excellent transformation and upgrades.
In September, mainstream joint venture brands retailed 670,000 units, a year-on-year decrease of 12%, but a month-on-month increase of 4%. German brand market share was 20.2%, down 0.9 percentage points year-on-year. Japanese brands had a 16.6% share, down 1.1 percentage points year-on-year. The market share of American brands was 7.3%, down 3.3 percentage points year-on-year.
In September, luxury cars retailed 270,000 units, down 7% year-on-year and 4% month-on-month. The shortage of luxury cars affected by chip supply last year has gradually improved, stabilizing the luxury car market trend.
Regarding new energy vehicles, in September, production reached 798,000 units, a year-on-year increase of 10.7% and a month-on-month growth of 1.2%. Cumulatively, 5.9 million units have been produced this year, a 31.8% increase year-on-year. Wholesale sales in September were 829,000 units, up 23.0% year-on-year and 4.2% month-on-month. Cumulative wholesale sales this year reached 5.904 million units, a 36.0% year-on-year increase. September retail sales were 746,000 units, a 22.1% year-on-year increase and a 4.2% month-on-month growth. The cumulative retail sales for the year are 5.188 million units, a 33.8% year-on-year increase.
In September, the domestic retail penetration rate of new energy vehicles was 36.9%, up 5.1 percentage points from 31.8% in the same period last year. In September, the penetration rate for domestic brands was 59.4%, luxury cars at 24.0%, and mainstream joint venture brands at only 6.2%. In terms of monthly domestic retail share, the mainstream domestic brand new energy vehicles had a share of 72.1%, up 2.1 percentage points year-on-year. Joint venture brands had a 5.8% share, down 0.5 percentage points, new power brands had a 14% share, down 1.3 percentage points, and Tesla's share was 5.8%, down 0.6 percentage points year-on-year.
