With the rise of domestic cars and the accelerated localization of international brands, car imports into China have remained sluggish in recent years.
On the evening of January 21, Cui Dongshu, Secretary-General of the China Passenger Car Association, wrote that from January to December 2024, car imports fell to 700,000 units, a 12% year-on-year decrease, marking three consecutive years of negative growth. In December alone, 67,000 cars were imported, a 16% decline compared to the previous year but a 12% increase compared to November, which was an unusual sharp drop in December.
China's car imports peaked at 1.43 million units in 2014. Since then, the number has steadily decreased at an average annual rate of about 8%, dropping from 1.24 million units in 2017 to just 800,000 units in 2023. The 2024 figure represents a "halving" compared to the peak.
In terms of import structure, passenger cars dominate, accounting for 98% of the total. From January to December 2024, 305,000 sedans were imported, making up 44% of total imports; 226,000 four-wheel drive SUVs were imported, accounting for 33%; while new energy vehicles (NEVs) accounted for 2%, with 16,800 units imported.
Commercial vehicle imports performed relatively weakly in 2024, with a notable rebound in truck imports earlier in the year. However, from May to December, imports of tractors and medium-sized trucks remained sluggish.
It is noteworthy that in recent years, imports of new energy passenger vehicles have experienced rapid growth, but there was a sharp decline in 2024. In December, imports of pure electric passenger cars dropped by 48% to 795 units, and plug-in hybrids fell by 73% to 561 units. From January to December, imports of pure electric passenger cars were 16,768 units (down 48%), while plug-in hybrid imports totaled 10,149 units (down 73%), reflecting weak performance in imported NEVs.
The top countries for China's passenger car imports remain traditional automotive powerhouses such as Japan, Germany, and the United States. From January to December 2024, the top three import countries were Japan (227,870 units), Germany (192,648 units), and the U.S. (109,356 units). The countries showing the largest increase in imports were Japan (+4,172 units), Hungary (+2,809 units), China (+2,683 units), Belgium (+661 units), and France (+311 units).
In contrast to the sluggish import performance, China's car exports have maintained strong momentum. Since 2021, Chinese automakers' efforts to expand overseas have yielded positive results, with rapid growth in export volumes, becoming a key driver of the overall increase in China's automotive production and sales.
Exports are expected to maintain robust growth in 2024, with a projected total of 5.859 million units, up 19.3% year-on-year. By vehicle type, passenger car exports are expected to reach 4.955 million units (up 19.7%), while commercial vehicle exports will hit 904,000 units (up 17.5%).
