Zhineng Auto Market Weekly Report | Week 45 State-Owned Automakers Sales: FAW Hongqi Leads Traditional Vehicles
Produced by Zhineng Technology
According to the weekly sales data from November 4 to November 10, 2024, the six major Chinese automakers—FAW, SAIC, Dongfeng, BAIC, GAC, and Changan—demonstrated their respective market characteristics.
● FAW continued to lead the traditional vehicle market with stable performances from Hongqi and Bestune;
● SAIC's Wuling dominated the economy car market, but its premium brand IM Motors faced growth bottlenecks;
● GAC Aion and Changan Deepal led the new energy vehicle market.
State-owned enterprises now have numerous independent brands, with weekly sales stabilizing at around 100,000 units.
Sales of Specific Models
● FAW: Hongqi and Bestune Maintain Stable Performance
FAW ranked in the middle with weekly sales of 13,026 units, but its two brands showed different market dynamics:
◎ Hongqi sold 8,093 units, remaining a representative of premium domestic brands. Sales declined compared to the previous week(9,181 units), but its long-term stability reflects strong brand appeal and sustained attractiveness in the premium market.
◎ Bestune sold 4,933 units, maintaining growth for four consecutive weeks and remaining competitive in the economy family car segment.
● SAIC: Wuling Strong, IM Motors Under Pressure
SAIC topped the list with total sales of 35,476 units, largely due to Wuling's overwhelming performance:
◎ Wuling sold 28,432 units this week, accounting for nearly 80% of total sales, thanks to its high cost-performance ratio and widespread recognition in the low-end market.
◎ The premium new energy brand IM Motors sold only 1,221 units, with sales declining for four consecutive weeks, indicating a lack of clear market positioning or effective marketing strategies in the luxury EV segment.
● Dongfeng: Voyah and Fengshen Show Divergence
Dongfeng ranked lower with total sales of 6,866 units, with Voyah and Fengshen showing contrasting performances:
◎ Voyah sold 1,758 units this week, a decline(2,591 units).
◎ Fengshen rebounded to 2,032 units.
● GAC: Aion and Trumpchi Drive Growth
◎ GAC's total sales this week were 12,029 units, with the new energy brand Aion contributing 6,140 units, accounting for over 50%.
◎ Aion remained a leader in the new energy market, but sales slightly declined compared to previous weeks(6,924 units), possibly due to seasonal fluctuations or increased competition.
◎ The traditional brand Trumpchi sold 5,889 units, demonstrating balanced development in both traditional and new energy markets.
● Changan: Multi-Brand Strategy Yields Results
Changan ranked second with weekly sales of 31,002 units, with multiple brands performing well:
◎ Deepal sold 5,761 units, maintaining high growth momentum in the new energy sector, up 41% from four weeks ago.
◎ The traditional brand Changan remained the core pillar, contributing 19,980 units, accounting for 64% of total sales, reflecting its strong competitiveness in the traditional market.
The new energy vehicle market has become the main battleground for automakers. GAC Aion and Changan Deepal lead the way, highlighting the growing demand for cost-effective and innovative technologies. Brands like IM Motors and Voyah still need to work harder. Automakers must focus more on differentiated design, smart features, and marketing for new energy models.
Summary: We will analyze more detailed models later.
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