Well, since you've asked I'll give my opinion for what it's worth. Many car makers are facing reduced profit this year yet gross profit was up slightly. That would indicate they decided to focus on margins rather than volume. Having negotiated that, it offers a chance to go forward with a stronger business structure as new models are released with emphasis placed on meeting demand rather than production targets.
I post data about China with reluctance, mainly because it doesn't paint a complete picture. Sales figures only state vehicles that are made there with imported models ignored. Individual manufacturers often release data with imported cars included but official figures eschew such information. This plus a high duty on imports to 'protect' local manufacturing indicates to me that imported goods are not really welcome.
So the list below doesn't include imported vehicles which will lower some imported brands figures, premium ones mainly, as they are less affected by the obstructive tariffs applied to imports. It's also a Top 50 list so any brands below that threshold are not shown. That keeps the list more manageable as there are a plethora of local brands vying with each other. As for colour coding, yellow is less market share, green more.
Chinese brands so far are definitely faring better in 2024 than foreign ones. Lack of quality used to mean local cars were not so sought after but there has been a real effort to improve in that area. Price could also be swinging buyers that way too. Not meeting changes in the market quickly enough has caught them out as well.
Things aren't so rosy for importers. As an example, GM's share of the market in China has fallen to its lowest level since 2003. It usually makes a profit here but for the first quarter of 2024, it lost just over $100 million. Buick has fallen to 22nd place and Chevrolet isn't in the top 50 anymore. Is GM thinking of exiting the market? They may not be alone in contemplating that.
VW's share is about half of what it was just five years ago. Over the same period, Škoda volume has crumbled to about 5% of what it was. Foreign brands are struggling and margins are being squeezed. Those such as VW that became too dependent on China for profit are now realising they put themselves in a vulnerable position. I could see it but...
Registrations for October were up 1% and 3% YTD. Local brand Dacia is well ahead of any other although it has lost some market share. Toyota reached its best ever market share as it consolidated second spot while Renault bounced up in 2023 and back down this year.
Some popular models were the Dacia Logan (12,847), Dacia Duster (picture above - 12,173), Dacia Sandero (6,783), Škoda Octavia (3,461), Toyota Corolla (3,363), Dacia Jogger (3,091) and Hyundai Tucson (3,053).
Data source: DGPCI. Picture: Dacia.
I just noticed I haven't put out anything for Moldova since 2021. So while I don't get monthly data, I have annual registrations for 2023 so here it is. A 16% increase is the third consecutive gain and the best since 2008.
Dacia took the lead here in 2010 from Lada and held that post until 2021 when Toyota took over. It's held that for three years with Škoda and Dacia ready to pounce if the chance comes their way.
The source for Perú gives the top 25 brands and then the premium/luxury marques too. Registrations are down 10% YTD but were up 4% in October. As the +/- column below is based on market share, a loss of volume would be the case if a brand had an increase of less than 10%.
Toyota remains top and comfortably so. Hyundai and Kia combined cannot make up the ground between them. Chinese brands are well established here with three in the top 10 and quite a few more just below that. There were less decreases in the premium end of the market.
Data source: AAP. Pictures Toyota Perú.
Registrations were up 19% for October and 8% YTD. Chevrolet has a long history of being the top brand but not for several years...until 2022 when it returned to lead again. In its third year as numero uno, it will retain that position but with a reduced margin. Hyundai has got past a slipping Suzuki and into second place. BYD is flying up the list like a bird (seagull?) but will it continue soaring?
The top selling models were the Chevrolet Onyx (3,893), Hyundai HB20 (3,128), Renault Kwid (1,765), BYD Seagull (1,330), Peugeot 208 (1,135), Citroën C3 (1,219) and the Fiat Mobi (1,154).
Data source: ACAU.
The car manufacturing industry is facing challenging times. Sales in many markets are flat or reduced. More brands are vying for the customer, notably an influx of Chinese brands into many markets. Many car makers are not structured to adapt quickly to changes taking place. A few examples.
Audi recently announced that operating profit was down nearly 70% so far this year. There were various reasons for that, not just the challenging market place but still a sobering result.
Volkswagen announced profit was down 64% and wanted to close up to three plants in Germany, lay off workers and cut pay by at least 10%. It hasn't gone down well at all.
As I see it, the pressure is mainly from a surging Chinese car industry. They are taking more of the global sales but the pie isn't getting larger to accommodate this. Chinese companies have been quick to change and improve when required. China's import tariffs aren't helpful while expecting no such obstructions when exporting.
Another issue is that those car makers that went into China producing cars made good money. They are now being driven back by local manufacturers and with falling volume, profits there are much harder to come by.
It doesn't take much to move from very profitable to loss making. A drop in volume with overheads mainly fixed and the red ink can soon follow. If tough decisions aren't made and acted on, there will be grave consequences for some car manufacturers
Putting this together was tricky. More than one source was required and they didn't match in all instances. There are also some soundly based estimates on the list below. Campi-TMA is the main source and according to that organisation sales were up 2% in September and increased 9% YTD.
Toyota is well ahead, the Vios and Avanza models the most popular for the brand. Mitsubishi is next with the Xpander (below) and Mirage doing the big two for them.
Nissan's top two are the Navara pick up and the Terra medium sized SUV.
Suzuki are the same as last year for market share, the S-Presso and DZire its two most popular.
Chinese brands are arriving in force and will be challenging more established ones. Most premium marques have lost market share it would seem, Lexus being a notable exception. Some brands aren't available to be added but all the main ones are present.
Manufacturing cars in Western Europe isn't very cost effective. The standard of living has climbed as the wages improved. Any hint of a drop in that standard has quotes in the media of people wondering how they can make ends meet.
Nissan is open with its global data, something few companies are so hats off to them for that. The data below includes Nissan, Infiniti and the Venucia/DongFeng joint venture in China. First, we look at production by country and then sales by region. The 2024 is for nine months in case you wonder why the fall in numbers.
Production: Over the last two years there has been a shift in where vehicles are made. More precisely, Mexico and China. The former has increased from 12% of the total to 21%, eclipsing China as the largest manufacturing country for Nissan. China has dropped from 33% to 20% so from a third to a fifth. As for the rest, it's been fairly stable, Japan was up three percentage points to 20% the UK two. Overseas production is at 80%, high by Japanese car company standards.
Registrations were up 3% YTD and for October up 9%. In October. electric cars accounted for 63% of passenger car sales, a record. Government incentives are encouraging buyers in that direction.
VW was the leading brand from 2011 to 2022 but it was unceremoniously bumped off its perch by Tesla which increased massively in 2023 to easily take the top spot. In 2024, VW has returned serve with strong growth while Tesla has lost 31% in market share.
The top selling models YTD were the Tesla Y (7,784), VW ID.4 (4,863), Tesla 3 (4,789), Audi Q4 e-Tron (4,381), Škoda Enyaq IV (4,186), Peugeot 208 (2,858), Citroën C3 (2,563) and Volvo EX30 (2,511).
Data source: Mobility Denmark.
Registrations were up and heading for the best year since about 2010. Before that sales were much higher so still some way from an all time record but at least the best for some time.
The top spot has been historically interchangeable in Cyprus but for now, Kia is delivering one of the more consistent number one runs. The gap to second is considerable although in smaller markets, change can be drastic at times. Toyota is on the receiving end of such a shift as it dropped to fourth. Land Rover is enjoying success so far and moved up five placings as a result.
Data source Cystat. Pics Kia & Land Rover Facebook.
Toyota light commercials are an important part of the range in Europe, an area that was somewhat neglected. The Hilux is the best selling although 2024 doesn't look like it will match 2023. In ten months, registrations stand at 5,073, compared to a full 2023 figure of 10,887.
The Corolla Sportsvan commercial (picture below) is doing better albeit at a lower sales level. The 1,652 sales are well up on last year with two months to widen the gap further. Taking a passenger car wagon and converting it into a van makes sense. Stylish, carlike handling and comfort yet also cost effective.
The ProAce range is sourced from Stellantis and which are already popular within that Group. An example is the ProAce City pictured above. The large Max van is about to join the range to add impetus to sales volume.
The ProAce Verso and City Verso are vans with seating so people movers or MPVs. They have previously been included in commercial vehicle data provided by Toyota but this year moved to the passenger car category. However, in the case of the ProAce Verso (included below under the ProAce), it seems that they are being double counted in 2024, but as only 130 sales are involved I presented the data as provided.
Total sales in the UK for 2024 (ten months only) are 12,879 which is some way down on the complete 2023 number of 19,764. The Hilux is the main reason so we shall have to see if that model will fare better in 2025.
Data and pictures: Toyota UK.
The Toyota brand has been gaining steadily in the UK, its hybrid technology winning over customers. The Yaris (GR version pictured below) and Yaris Cross are the most popular models with the electric bZ4X doing well too despite its odd name. In between them is the C-HR (picture above).
Total sales in the UK for 2024 (ten months only) are 86,866 which is close to the complete 2023 number of 109,415. It should be about the same by the end of the year and any increase in sales will also be an improvement in market share.
The ProAce Verso and City Verso are vans with seating so people movers or MPVs. They have previously been included in commercial vehicle data provided by Toyota but this year moved to the passenger car category.
Data and pictures: Toyota UK.
Whenever deliveries contract, it isn't a good look in a world that perceives growth as a sign of a healthy company. However, volume doesn't always equate with profit. Besides, reduced sales can be for all sorts of reasons. In the car industry today, electric car volume is falling for many manufacturers and extracting profit from them can prove elusive. Increased costs are another issue that may necessitate backing away from less profitable sales such as fleet.
For Audi, deliveries are down 8% YTD. It is across most of the range so it would seem a planned strategy. It's a balancing act between selling at a price that allows a reasonable profit and also keeping assembly plants as busy as possible. Business is about profit, something the car industry has not paid as much attention to as it should. Maybe that's changing.
Data & picture source: Audi.
Regions: Europe remains the largest region for Audi but less so, with China closing in. The USA and the rest of the world are well behind.
When Lamborghini introduced the Urus SUV, it opened the marque to a new audience and lifted volume and no doubt profit. However, it may have reached its peak at just over 3,000 units per annum. In fact what saved Lamborghini from a small slide in deliveries was the replacement for the Aventador, the Revuelto.
It will always be a niche player but one that has a unique character. They are too flamboyant for me (and too costly) but the well heeled extroverts out there will ensure it's not too short of customers. For 2024, deliveries could be about 11,000 in total.
Data source: Audi. Pictures Lamborghini.
