China wholesales February 2024: Market down -19.9% on calendar quirk, VW stays #1, AITO M7 #3

The AITO M7 ranks on the Chinese podium in February.

Due to Lunar New Year falling in February this year vs. January in 2023, new vehicle wholesales (factory shipments) drop -19.9% year-on-year in February to 1,584,000 units accosting to data by the China Association of Automobile Manufacturers (CAAM). After a 47.9% surge in January, the market is now up 11.1% year-to-date to 4,026,000 units. Passenger Vehicles are down -19.4% to 1,333,000 for the month and up 10.6% to 3,451,000 units year-to-date. As for Commercial Vehicles, they are off -22.5% in February to 251,000 but up 14.1% year-to-date to 575,000. New Energy vehicles wholesales retreat -9.2% this month to 477,000, with BEVs down -21.8% to 294,000 and PHEVs up 22.4% to 183,000. Year-to-date, NEVs gain 29.4% to 1,207,000, including 771,000 BEVs (+11.7%) and 467,000 PHEVs (+72.8%). 

Exports amount to 377,000 units in February, up 14.7% on a year ago, with Passenger Vehicle exports up 16.2% to 315,000 and Commercial Vehicles up 7.6% to 62,000. Note NEV exports actually drop -5.9% to 82,000 units. Year-to-date, exports are up 30.5% to 822,000, including 686,000 Passenger Vehicles (+31.5%), 136,000 Commercial Vehicles (+25.9%) and 182,000 NEVs (+7.5%). Looking at wholesales by segment, in February sedans/hatches drop -23.8% to 557,000, SUVs are off -12.4% to 722,000 and MPVs down -40% to 42,000. Year-to-date, sedans/hatches gain 5.4% to 1,449,000, SUVs soar 18.3% to 1,873,000 and MPVs drop -12.3% to 109,000.

Looking at the brands ranking, Volkswagen (-13.6%) manages to repeat at #1, something it hadn’t done since January 2023. The German brand contains its loss somewhat thanks to positive performances by the ID.3 (+258.1%), ID.4 X (+61.8%), CC (+40.9%), Tiguan L (+28.7%), Tharu (+13.5%), Passat (+13%) and Tayron (+8.4%). For once BYD (-34.3%) loses share year-on-year and tumbles down, despite strong showings by the Destroyer 05 (+46.1%) and Qin Plus (+1.5%). The new Seagull adds 14,400 sales and the Song L 5,265. Toyota (-38.1%) is in even worse shape, with the twins Corolla Cross (+56.1%) and Front Lander (+25.1%) the Japanese manufacturer’s only nameplates in positive.

In 4th place, Geely (-4.8%) resists very well and is followed by three underperforming brands: Changan (-27.3%), Honda (-38.3%) and Wuling (-20.7%). BMW (-10.7%) wins the German luxury brand race like in January at #8 overall, distancing Mercedes (-22.7%) at #9 and Audi (-16.7%) at #11. Nissan (-26.3%) is wobbly and rounds out the Top 10. Chery (+40.8%) stuns with a market defying gain but drops four spots on January to #12. It now ranks #9 year-to-date vs. #14 over the Full Year 2023. The best performer this month is AITO (+673.6%) smashing its ranking record at #14. Below, Leapmotor (+105.3%), Deepal (+99.6%), Jetour (+69.7%), Zeekr (+37.7%), COS (+29.7%), Li Auto (+21.9%), Tank (+15.3%) and Dongfeng (+7.4%) stand out with positive results. Notice these are all Chinese brands. The only foreigner in positive in February is Mazda (+2.4%).

Looking at the models ranking in isolation, the BYD Qin Plus (+1.5%) takes the lead for the second time in the past 5 months, with the Tesla Model Y (-11.7%) up four spots on January to #2. The AITO M7 (+1623.9%) spectacularly lands on the third step of the podium, a new personal best, and is now #4 year-to-date vs. #98 over the Full Year 2023. The Nissan Sylphy (-23.8%) stays in 4th place while last month’s leader the Changan CS75 Plus (+32.4%) falls to #5 but remains in the year-to-date lead for now. The new BYD Seagull is back up three ranks on last month to #6, with the VW Sagitar (-2.2%) the only remaining Top 10 member to beat the market. Indeed the BYD Song Plus (-65.3%), Wuling Hongguang Mini EV (-58.2%) and VW Lavida (-32.3%) all implode.

Previous month: China wholesales January 2024: VW back above BYD, Changan CS75 Plus #1, Aito M7 #5

One year ago: China wholesales February 2023: BYD, GAC shine, market bouncing back up 13.5%

Full February 2024 Top 94 All brands and Top 512 All models below.