According to Zhongtong Finance, on June 25th, Cui Dongshu stated in his personal public account that China's imported car import volume has steadily declined by an average of about 8% per year from the peak of 1.24 million units in 2017 until there were only 800,000 units in 2023. From January to May 2024, automobile imports were 271,000, a year-on-year decrease of 4%. In recent years, with the rise of domestic cars and the acceleration of international brands’ localization, the continuous downturn in automobile imports has continued with negative growth for three years from January to May. In May, 63,000 imported cars were reported, a year-on-year increase of 7%, an increase of 22% from April, and a rare growth in May history. Product structure, 100-300 billion yuan product operating income was 401/1288/60 million yuan respectively.

In 2023, exports of passenger vehicles with engine capacity of 2.5 liters or more from Europe to China reached 196,000 units, up 11% year-on-year, $17.9 billion, up 3% year-on-year. From January to May 2024, automobile imports were down by 32% with 55,500 units and $5.1 billion, down by 32%. During May, vehicle imports were 11,000 units, down by 27%, with a total import amount of 1.1 billion US dollars, down by 16%. The demand for fuel vehicles has continued to shrink due to the rise of China’s automotive industry and accelerating localization of international brands, and the demand for imported fuel vehicles has also decreased significantly. With the continued complexity of international relations, we still need to make contingency plans to establish more import models and maintain a reasonable scale of imported cars.

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1. General Trend of China's Car Imports

Characteristic of automobile import growth rate: After reaching its peak of 1.43 million imports in 2014, it declined and stabilized slightly in 2016-2017. Since 2018, imports have declined continuously.

By 2023, the import scale would fall sharply with only 800,000 imports that year, a 10% drop compared to the previous year. The monthly import volume in 2024 remains at around 50,000 units, with significant pressure from continuous shrinkage. From January to May 2024, car imports were 63,000, a year-on-year increase of 7%, an increase of 22% from April, and a rare May growth.

In recent years, along with the rise of domestic cars and acceleration of international brands’ localization, automobile imports have been continuously stagnant and remained in negative growth for three years from January to May. From January to May 2024, car imports were 271,000, a year-on-year decrease of 4%.

In 2021, the imported car market was stable, with a total import volume of 930,000, which was the same as the previous year. Imports of automobiles in 2022 reached 885,000 units, a year-on-year decrease of 5%, which was a significant drop compared to 2020. In 2023, imports of automobiles fell by 10% to 799,000 units.

Recently, the international automobile production has rebounded, and the potential to promote year-on-year consumer growth through increased import of cars still exists.

2. Monthly Trend of Whole Vehicle Imports

The import of passenger cars has returned to a normal trend after the pandemic. Looking at the monthly trend, imports have shown a trend of recovery and growth in recent years, which is basically the same as the trend of domestic cars.

In 2024, a normal seasonal trend would emerge with weak import from January to April compared to the same period in 2023, and a positive trend in May. It is still uncertain whether the trend in the latter half of 2024 can follow the upward trend since May 2023.

3. Characteristics of Importing Whole Vehicles

The imported automobile market was relatively stable from 2017 to 2019. In 2023, imports of whole vehicles fell sharply to 800,000, a relatively large drop compared to 2022. In 2024, imports of passenger cars were still the best, with imported trucks being weaker than average.

Passenger vehicles account for an absolute main force, occupying 98% of the structure of automobile imports this year. In particular, from January to May 2024, imported sedans accounted for 86,000 units or 43%, imported 4WD SUVs 70,000 units or 33%, and unnamed motor vehicles of new energy imports accounted for 0.9 million or 4%.

The performance of imported commercial vehicles in 2024 was relatively strong, with significant recovery in truck imports in March, and weak performance of traction vehicles and medium-sized trucks in May.

4. Characteristics of Importing New Energy Vehicles

In recent years, imported new energy passenger vehicles have achieved sustained and high growth. In May, imports of pure electric passenger vehicles increased by 48% to 2,082 units, while those of plug-in hybrid electric vehicles dropped by 67% to 637 units. The import of new energy vehicles accounted for 4.3%. From January to May, imports of pure electric passenger vehicles increased by 8% to 11,123 units, while those of plug-in hybrid electric vehicles decreased by 23% to 6,101 units. The import of new energy vehicles accounted for 6.4%.

The market for traditional fuel-powered imported cars has declined significantly. The ratio of diesel trucks has increased, while the ratio of gasoline trucks has decreased, which is related to the demand for traction vehicles. The performance of upscale gasoline pickup truck imports in 2024 was slow.

Recently, the performance of the new energy passenger vehicle market has been relatively strong, and the imported pure electric vehicle market has also performed relatively well.

This year, the proportion of new energy imported passenger vehicles is 6.4%, with a slight increase in pure electric vehicles compared to last year. Passenger vehicles are still the absolute mainstay. The proportion of gasoline vehicles in trucks is still high, but diesel vehicles are improving.

5. Characteristics of imported car engine displacement structure The imported passenger car models are concentrated in gasoline models with a displacement of less than 2 liters, accounting for 48% of the entire import volume of passenger cars. The sales volume of large-displacement imported cars in 2.5L-3L, which had strong early import trends, has dropped, while the proportion of 2L-2.5L has rebounded significantly, and the high-end trend of the market is not strong. Large-displacement cars above 4 liters showed a temporary increase in May, with obvious hedging factors.

2. Market pattern of automobile imports 1. Characteristics of imported country Imports are mainly Beijing-based companies, and Beijing has a strong advantage in headquarters economy. The scale of imported cars in Jilin has declined, indicating more imported new energy vehicles. 2. Monthly trend of complete vehicle imports Imports from Japan, the United States and other countries increased significantly in May. In May 2024, the highest imports were from Japan with 20,228 vehicles, Germany with 18,869 vehicles, the United States with 9,739 vehicles, Slovakia with 4,317 vehicles, and the United Kingdom with 4,297 vehicles. The largest increase in May was 4,735 vehicles from Japan, 2,231 vehicles from the United States, 1,410 vehicles from the United Kingdom, 726 vehicles from Hungary, and 248 vehicles from Austria. From January to May 2024, the countries with the highest imports were Japan with 81,481 vehicles, Germany with 67,387 vehicles, the United States with 43,454 vehicles, Slovakia with 23,818 vehicles, and the United Kingdom with 21,050 vehicles as the main countries; the countries with the largest increase from January to May were Japan with 27,261 vehicles, the United States with 1,763 vehicles, the Netherlands with 1,079 vehicles, Austria with 711 vehicles, and Hungary with 225 vehicles. 3. Characteristics of new energy vehicle complete imports by country Before 2019, the import volume of new energy vehicles was relatively large, but the significant decline in pure electric vehicles caused by the domestic production of Tesla in 2021. The development of new energy in 2022-2023 is very good, allowing more companies to import new energy. In 2024, the import of pure electric vehicles from Germany slowed down, the import of plug-in hybrids from the United States showed strong performance, and the overall trend of hybrid vehicles from Japanese companies was strong. 4. Passenger cars above 2.5 liters in Europe In 2023, Europe exported 196,000 passenger cars above 2.5 liters to China, a year-on-year increase of 11%; from January to May 2024, the export volume reached 55,500 units, a decrease of 32%, of which 11,000 units decreased by 27%. In 2023, Europe exported 196,000 passenger cars above 2.5 liters to China, with an amount of 17.9 billion US dollars, a year-on-year increase of 3%. From January to May 2024, the export volume reached 51 billion US dollars, a decrease of 32%, of which 1.1 billion US dollars decreased by 16%. 3. Automobile market sales pattern 1. Overall sales volume of imported cars At present, the sales performance of imported cars is slightly worse, weaker than the trend of domestic luxury car market. In 2021, the sales volume of imported cars reached 940,000 units, a 6% decline compared to 2020. In 2022, the sales volume of imported cars was 840,000 units, a significant decrease of 10% compared to 2021, and it was also relatively weaker than the performance of domestic cars. Finally, in 2023, sales resumed normal growth and reached 910,000 units, an 8% increase.

II. Automobile Import Market Structure 1. Characteristics of Imported Cars by Country Imported cars are mainly owned by enterprises in Beijing, which has a strong advantage in headquarters economics. The decrease in the scale of imported cars in Jilin Province indicates that there are more imported new energy vehicles.

1. Characteristics of Importing Countries

Imported cars are mainly owned by enterprises in Beijing, which has a strong advantage in headquarters economics. The decrease in the scale of imported cars in Jilin Province indicates that there are more imported new energy vehicles.

2. Monthly Trend of Whole Vehicle Imports

In May, imports of cars increased significantly from Japan, the United States, and other countries. During that month, Japan had the highest number of imports with 20,228 vehicles, followed by Germany with 18,869 vehicles, the United States with 9,739 vehicles, Slovakia with 4,317 vehicles, and the United Kingdom with 4,297 vehicles. The highest increase in May was from Japan with 4,735 vehicles, the United States with 2,231 vehicles, the United Kingdom with 1,410 vehicles, Hungary with 726 vehicles, and Austria with 248 vehicles. The countries with the highest imports from January to May 2024 were Japan with 81,481 vehicles, Germany with 67,387 vehicles, the United States with 43,454 vehicles, Slovakia with 23,818 vehicles, and the United Kingdom with 21,050 vehicles as the main countries. The countries with the largest increase from January to May were Japan with 27,261 vehicles, the United States with 1,763 vehicles, the Netherlands with 1,079 vehicles, Austria with 711 vehicles, and Hungary with 225 vehicles.

The performance of imports of cars from European countries such as Germany, Slovakia, India, and Italy declined relatively greatly from January to May 2024.

The characteristics of complete new energy vehicle imports by country are that before 2019, the import volume of new energy vehicles was relatively large, but the significant decline in pure electric vehicles caused by the domestic production of Tesla in 2021. The development of new energy in 2022-2023 is very good, allowing more companies to import new energy.

Before 2019, the import volume of new energy vehicles was relatively large, but the significant decline in pure electric vehicles caused by the domestic production of Tesla in 2021.

The development of new energy in 2022-2023 is very good, allowing more companies to import new energy.

In 2024, the import of pure electric vehicles from Germany slowed down, the import of plug-in hybrids from the United States showed strong performance, and the overall trend of hybrid vehicles from Japanese companies was strong.

In 2023, Europe exported 196,000 passenger cars above 2.5 liters to China, a year-on-year increase of 11%; from January to May 2024, the export volume reached 55,500 units, a decrease of 32%, of which 11,000 units decreased by 27%.

In 2023, Europe exported 196,000 passenger cars above 2.5 liters to China, with an amount of 17.9 billion US dollars, a year-on-year increase of 3%. From January to May 2024, the export volume reached 51 billion US dollars, a decrease of 32%, of which 1.1 billion US dollars decreased by 16%.

By 2023, the export of passenger vehicles with a displacement of 2.5 liters or more from Europe to China reached 196,000 units and USD 17.9 billion, a 3% increase over the previous year. From January to May 2024, the amount dropped to USD 5.1 billion, a 32% decrease, with USD 1.1 billion in May alone, a 16% decrease.

III. Automobile Market Sales Structure At present, the sales performance of imported cars is slightly worse than that of domestic luxury cars. In 2021, the sales of imported cars reached 940,000 units, a 6% decrease from the previous year.

At present, the sales performance of imported cars is slightly worse, weaker than the trend of domestic luxury car market. In 2021, the sales volume of imported cars reached 940,000 units, a 6% decline compared to 2020. In 2022, the sales volume of imported cars was 840,000 units, a significant decrease of 10% compared to 2021, and it was also relatively weaker than the performance of domestic cars. Finally, in 2023, sales resumed normal growth and reached 910,000 units, an 8% increase.

Currently, the sales performance of imported cars is slightly worse than that of domestic luxury cars. In 2021, the sales of imported cars reached 940,000 units, a 6% decrease from the previous year.

In 2022, the sales of imported cars were 840,000 units, a significant decrease of 10% compared with 2021, and relatively weaker than the performance of domestic cars. In 2023, it finally returned to positive growth, reaching 910,000 units, an increase of 8%.

In the period of January to May 2024, the data of compulsory insurance for imported cars was 330,000 units, a decrease of 7% year-on-year. With the promotion of the low base number, the retail sales of imported cars in the first five months of this year were generally ordinary, and the future pressure is still great.

2. Characteristics of imported car brands

In the past few years, the import of ultra-luxury cars has continued to grow, but since 2023, there has been a 14% decline, and the decline has accelerated from January to May 2024. The overall weakness of super luxury brands reflects the temporary slowdown of the purchasing power of ultra-high-end consumer groups.

At present, the demand for imported cars mainly depends on the demand for luxury cars. The proportion of block orders for imported luxury cars has increased significantly. The imported retail sales of Lexus surged by 28%, and the performance was good. BMW, Audi, Lincoln, and Land Rover have performed well overall, while Porsche's recent performance has been relatively weak.

Imported cars from joint venture brands are rapidly shrinking, and some brands of imported cars from Toyota, Volkswagen, and Subaru have shrunk sharply.

3. Characteristics of regional changes in imported car brands

The overall demand for imported cars is weak, and the market for imported luxury cars in traditional wealthy areas such as Shanghai, Shenzhen, Beijing, and Hangzhou is under great pressure.

4. Characteristics of regional changes in mid-to-large-size cars

The overall demand for luxury cars is weak, and the market for luxury cars in traditional wealthy areas such as Shanghai, Shenzhen, and Chengdu is under great pressure.