The latest release of the global car sales list for May 2024 has made many senior automotive industry analysts can't believe it, because the data is too shocking, especially the performance of domestic cars.
Let's start with a surprising number: 76.2%.
That's right, you read that right, this is the year-on-year growth rate of car sales in Russia in May. In the current complex international situation, who would have thought that the Russian car market would perform so amazingly? With sales of 127,100 units, Russia has become the biggest dark horse in the European market.
But that's far from the most surprising statistic on this list.
If Russia's performance was a surprise, Mexico's numbers were nothing short of skyrocketing. With a year-on-year growth rate of 115.9% and sales of 120,000 units, the Mexican car market is like a wild horse running wild on the American continent.
However, when we look to Asia, the Chinese data makes people gasp.
2,417,000 units!
That's enough to drive any automaker crazy. That's how China's car sales rose 1.5% year-on-year in May. Although the growth rate has slowed down compared to previous years, China is still the undisputed hegemon in the global market.
11.496 million units, which is the cumulative sales in China from January to May, with a growth rate of 8.3%. Even against the backdrop of global economic turmoil, China's auto market has shown amazing resilience and potential.
But what kind of secret is hidden behind this list? Why such a dramatic change?
We have to mention the rise of new energy vehicles. In the Chinese market, the penetration rate of new energy vehicles has exceeded 30%, which is a major boost to the overall sales growth. Intelligence and electrification are reshaping the entire automotive industry chain, and Chinese companies have a first-mover advantage in this round of change.
Policy factors also play an important role. In Russia, for example, a series of stimulus measures, including low-interest loans and tax incentives, have greatly boosted consumer confidence. Mexico, on the other hand, benefits from its unique position in the North American Free Trade Area (NAFTA) and has become a production base for many automakers.
Let's take a look at the performance of the traditional powers. The U.S. ranked first in the Americas with sales of 1,444,500 units, up 5.0% year-on-year. The data seems to send a signal to the world that the U.S. economy is recovering and consumer confidence is picking up.
However, not all markets are booming. Japan's auto market showed signs of weakness, with sales of 312,400 units in May, down 4.4% year-on-year. This may reflect the fact that the Japanese auto market is becoming saturated and needs to find new growth points.
India is another market to watch. Sales of 349,100 units, a year-on-year increase of 4.3%, although there is still a big gap compared with China, but its potential should not be underestimated. With the rise of India's middle class, it is likely to become another major battlefield for global car companies in the future.
In Europe, the situation is even more complicated. Germany, as a traditional automobile powerhouse, sold 236,400 units in May, down 4.3% year-on-year. This data seems to indicate that the European auto market is facing the pain of transformation.
But there were also unexpected surprises, such as the Australian market sold 111,100 units in May, a year-on-year increase of 5.1%. Against the backdrop of global economic turmoil, the steady growth of the Australian auto market is a shot in the arm.
Looking at the overall situation, it is not difficult to find that the global automotive market is undergoing a major reshuffle. The rise of emerging markets, the shaking of the status of traditional powers, and the accelerated penetration of new energy vehicles...... All these factors are intertwined to paint a picture of the ups and downs of the global auto market.
In this fierce competition, China is the biggest winner. But we also need to see that the market is ever-changing. How to continue to innovate while maintaining a leading edge will be a problem faced by China's auto industry.
At the same time, dark horse markets such as Mexico and Russia are also worthy of our close attention. Their rise may herald the reconfiguration of the global automotive industry chain.
Finally, let's look to the future. Driven by new technologies such as new energy and intelligent networking, the automotive industry is undergoing a change of the times. Whoever can seize the opportunity in this revolution will be in a strong position in the global automotive market of the future.