Summary: In Q1 2024, China's output and sales of vehicles reached 6.61 million units and 6.72 million units respectively, up by 6.4% YoY and 10.6% YoY respectively.

Based on the information released by the Ministry of Industry and Information Technology on 10 April, 2024, China produced and sold 2.69 million units and 2.69 million units of vehicles respectively in March 2024, edging up by 4.0% YoY and 9.9% YoY. In Jan.–March 2024, domestic output and sales volume of vehicles grew by 6.4% YoY and 10.6% YoY to 6.61 million units and 6.72 million units respectively.

Passenger vehicle

In March 2024, China produced and sold 2.25 million and 2.24 million units of passenger vehicles respectively, climbing by 4.7% YoY and 10.9% YoY.

In Jan.–March 2024, domestic output and sales of passenger vehicles picked up by 6.6% YoY and 10.7% YoY to 5.61 million and 5.69 million units respectively.

Commercial vehicle

In March 2024, China produced 437,000 units and sold 458,000 units of commercial vehicles, rising by 0.7% YoY and 5.6% YoY respectively.

In Q1 2024, China altogether produced 997,000 units and sold 1.03 million units of commercial vehicles, increasing by 5.1% YoY and 10.1% YoY respectively.

New energy vehicle

In March 2024, China's output and sales of new energy vehicles swelled by 28.1% YoY and 35.3% YoY to 863,000 units and 883,000 units respectively; the sales volume of newly-made new energy vehicles accounted for 32.8% of the total sales of new vehicles.

In Q1 2024, domestic output and sales of new energy vehicles mounted up by 28.2% and 31.8% YoY to 2.12 million units and 2.09 million units respectively; the sales volume of newly-made new energy vehicles occupied 31.1% of the total sales volume of new vehicles.

Export

In March 2024, 502,000 whole vehicles left China's ports, up by 37.9% YoY; China's exports of new energy vehicles hit 124,000 units, up by 59.4% YoY.

In Q1 2024, China exported 1.32 million whole vehicles, up by 33.2% YoY; new energy vehicles exports totalled 307,000 units, up by 23.8% YoY.

Previously, Xin Guobin, the Vice Minister of Ministry of Industry and Information Technology stated that China's automobile industry may achieve stable growth in both output and sales in 2024 and the new energy vehicle sector is also expected to maintain an improving trend. The Industry Association estimated that the output and sales of vehicles are anticipated to reach approximately 31.00 million units in 2024, a YoY increase of around 3%; the figure of new energy vehicle is also predicted to grow by roughly 20% YoY to around 11.50 million units. The growing momentum of both output and sales of automobiles has positive impact on TiO₂ demand to some extent.