In January 2008, the automotive industry continued its strong growth trajectory. Total automobile sales reached 859,400 units, marking a 19.83% year-over-year increase and setting a new record high. Both passenger car and commercial vehicle production and sales showed synchronized growth, with passenger cars selling 661,900 units—a rise of 19.80%—and commercial vehicles reaching 197,500 units, up by 19.91%.
Within the passenger car segment, sedans remained stable, while SUVs experienced rapid growth. MPVs saw only slight fluctuations. The domestic car market saw total sales reach 493,754 units in January, another record high. With a steady 21.6% year-on-year growth, this performance played a key role in supporting the overall expansion of the passenger car market. Although February’s sales might dip slightly due to the Spring Festival holiday, with only 16 working days, the year-on-year growth is still expected to remain positive.
Looking at market segments, the share of mainstream high-end commercial sedans increased by nearly one percentage point compared to December, showing strong momentum. Mid-size sedans saw a minor decline but maintained stable volumes. Compact cars continued to gain market share, indicating that private car purchases are becoming the main driver of growth in the Chinese passenger car market. Meanwhile, small cars had a weak performance, with a slight drop in sales, while mini cars showed improved performance.
SUVs recorded a significant surge, with total domestic sales reaching 37,766 units in January—an impressive 61.5% year-over-year increase, the second-highest level ever. This rapid growth was a major factor behind the overall rise in passenger car sales. It is anticipated that SUV sales will continue to hit new highs unless there are major policy changes.
MPV sales saw mixed results: large MPVs lost market share, medium-sized MPVs remained stable, while small MPVs saw both sales and market share increase.
Commercial vehicle growth remained robust, with a year-on-year increase of nearly 20%. Light trucks saw a sharp jump in growth, rising from 16.2% in the previous month to 29.6%, while heavy trucks grew from 26.2% to 41.0%, becoming the primary driver of commercial vehicle growth. Heavy trucks are currently the most dynamic sector, and although some expect them to see minimal or negative growth, we believe they will maintain their strong upward trend.
From a segmentation perspective, only three major passenger car categories showed high-speed growth, with a 47.3% increase. Mid-size and light passenger cars saw more modest growth, at over 5%. In the truck segment, large and heavy-duty trucks achieved 41.0% and 29.6% growth, respectively, while China Cards and micro-cards faced declines, signaling a structural shift in the truck market.
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