On May 27th, it was reported that the Secretary-General of the China Passenger Car Association stated that with the rise of Chinese brand cars, the number of imported cars in China continues to decline.
The latest data from the China Passenger Car Association shows that from January to April this year, the import volume of cars in China decreased by 8% compared to the same period last year, dropping to 210,000 units.
Cui Dongshu's analysis indicates that with the continuous strengthening of China's automotive industry, the transformation to electrification has changed the market demand structure, leading to a continuous decline in demand for fuel vehicles and a noticeable decrease in demand for imported fuel vehicles.
The main reasons for the sustained downturn in imported cars in China in recent years are the rise of domestic brands and the accelerated localization of international brands.
Data shows that after peaking at 1.43 million imported cars in 2014, the import volume in China has been on a downward trend, with a slight stabilization in import growth in 2016-2017, but a continuous decline since 2018.
In 2023, the import volume sharply decreased, with only 800,000 units imported for the whole year, a 10% year-on-year decrease. Currently, the monthly import volume in 2024 has been maintained at around 50,000 units per month, indicating significant ongoing pressure from shrinking demand.
Among the countries of origin for imported cars, from January to April this year, the highest numbers were from Japan at 61,853 units, Germany at 48,904 units, the United States at 36,227 units, Slovakia at 19,501 units, and the United Kingdom at 16,753 units.
