According to data released by the China Association of Automobile Manufacturers, in the first quarter of this year, the landscape of China's top car manufacturers saw some changes. While one new company entered the top ten and another exited, the overall rankings shifted, reflecting increased competition in the automotive sector. With more automakers entering the market, the share of the top ten sedan producers in the country’s total car production and sales has declined significantly.
Fengshen Automobile, which previously ranked ninth among the top ten sedan manufacturers, fell out of the list in the first quarter of 2024. On the other hand, FAW Car made its debut in the top ten this year. Their production and sales figures for the first three months reached 19,546 units and 16,533 units respectively, showing a remarkable growth of 137.58% and 114.07% compared to the same period last year.
The top four positions in the ranking remained with Shanghai Volkswagen, FAW-Volkswagen, Shanghai GM, and Tianjin FAW Xiali. Changan Automobile climbed from seventh to fifth place, while Guangzhou Honda moved up to sixth from fifth. SAIC Chery dropped slightly from seventh to eighth, and Shenlong Automobile also slipped from sixth to eighth. Beijing Hyundai maintained its position at tenth, alongside FAW Car.
Notably, both Tianjin FAW Xiali and Shenlong Automobile experienced a decline in production and sales compared to the same period last year. However, the remaining eight companies in the top ten reported varying levels of growth.
As of the end of 2023, there were 32 car manufacturers operating in China, an increase of 12 since 2002. This surge in market participants has contributed to the shrinking market share of the top ten manufacturers. In the first quarter of this year, their combined production and sales accounted for 72% of domestic car output and 74% of sales, down from 78.8% and 80.5% in the previous year.
Despite these shifts, China's automotive industry continued its strong growth trend. The country produced 579,900 vehicles and sold 567,000 units in the first quarter, marking increases of 41.86% and 44.47% compared to the same period last year. This performance highlights the dynamic nature of the Chinese auto market, where competition is intensifying and market shares are constantly being redefined.
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