Automobile Association: In December 2024, China's demand for imported cars will remain stable at a low level, with imported new energy vehicles being halved for the whole year.

The China Association of Automobile Manufacturers issued a document stating that after four consecutive years of declining imports of automobiles, "clearing inventory" is still the main task for 2024. In 2024, the trend from last year continued, entering into an inventory clear-out cycle. In December 2024, the sales of imported cars slightly rebounded, but the inventory depth remained at a high level of 7.6 months. Overall, in 2024, a total of 705,000 vehicles were imported, a decrease of 11.7% compared to the same period last year; imports amounted to 278.54 billion RMB, a decrease of 16.1% compared to last year. In terms of new energy vehicles, a total of 24,317 units were sold in the year, a decrease of 47.13% compared to the previous year. Among them, pure electric vehicles decreased by 45.74%, and plug-in hybrid models decreased by 49%. I. Supply After four consecutive years of declining automobile imports, "clearing inventory" is still the main task for 2024. In 2024, a total of 705,000 vehicles were imported, a decrease of 11.7% compared to the same period last year; imports amounted to 278.54 billion RMB, a decrease of 16.1% compared to last year. II. Demand In the past two years, the terminal demand for imported cars has remained stable at a low level. Due to the impact of the pandemic and chip shortages, the import car market saw a decline from 2020 to 2022, with a cumulative sales of 769,000 units in 2023, which was basically flat compared to the previous year. In 2024, a total of 643,662 units were sold, a decrease of 16.3% compared to the previous year. In December, the overall sales situation of the automobile market remained stable at a low level. III. Inventory In 2024, the trend from last year continued, entering into an inventory clear-out cycle. In December, the sales of imported cars slightly rebounded, but the inventory depth remained at a high level of 7.6 months. IV. Price Looking at the overall situation of the past decade, the customs unit price of imported cars has been on the rise, from 25.21 thousand yuan in 2015 to 39.51 thousand yuan in 2024. According to customs statistics, after the average customs unit price of imported cars was lower than the average in 2023 for the first time in March, the trend of declining unit prices has continued until now. V. Brand Structure The imported automobile market this month continued the overall downward trend. From January to December, sales of super-luxury cars fell by 31.29%, non-luxury cars by 23.08%, and luxury cars by 15.45%. In terms of sales proportion, luxury cars still make up the majority, accounting for 90.78% from January to December. In 2024, among the top ten brands, only Toyota achieved positive growth, with a total of 34,034 units sold, an increase of only 0.5% compared to the previous year. Volkswagen saw the largest decrease in sales volume, down by 48% year-on-year. VI. Model Structure In 2024, the sales of three major vehicle types all saw varying degrees of decline: sedans decreased by 17.15%, SUVs by 15.71%, and MPVs by 13.48%. Within sedans, all models experienced a decline, with Wagon models showing the largest drop at 49.26%. VII. Engine Displacement Trends The proportion of 1.5-2.0L engine displacement remained stable at 41%, increasing by 1.2 percentage points compared to 2023, maintaining the position as the largest displacement category; the 2.5-3.0L displacement category accounted for 27.1%, a decrease of 1.5 percentage points from the same period in 2023, making it the second largest displacement category; and the 2.0-2.5L category accounted for 23.4%, ranking third. VIII. Imported New Energy Vehicles Sales of imported new energy vehicles fluctuated: in 2024, a total of 24,317 new energy vehicles were sold, a decrease of 47.13% compared to the previous year. Pure electric vehicles saw a decrease of 45.74%, and plug-in hybrid models decreased by 49%.