GAC Group logs 25.24% YoY drop in Jan.-Feb. 2024 auto wholesales, but retail sales still climb

Shanghai (Gasgoo)- GAC Group said its vehicle wholesale volume reached 98,401 units in the second month of 2024, declining 38.96% compared to the prior-year period.

Of the vehicles sold last month, 98,363 units were passenger vehicles (PVs), including 30,203 cars, 53,831 SUVs, and 14,329 MPVs.

In the same month, the group's new energy vehicle (NEV) wholesales also plunged 54.98% from the previous year to 14,383 units.

Due to the impact of the Spring Festival, all subsidiaries of GAC Group faced a two-digit year-on-year decrease in their Feb. wholesales. Among them, the new energy vehicle-dedicated GAC AION posted the sharpest decrease, while GAC Toyota outperformed others with a sales volume of 40,024 units.

For the first two months of this year, the group recorded a wholesale volume of 230,371 vehicles, which slid 25.24% from the previous year.

Nevertheless, GAC Group announced that its overall retail sales in the Jan.-Feb. period still climbed 4.5% over a year earlier to around 299,000 units. Notably, its year-to-date export volume zoomed up 166.7% from the year-ago period.

INTEGRA e:HEV; photo credit: GAC Honda

As for the bright spots of key products, GAC Group disclosed that the Jan.-Feb. sales volume of the Trumpchi GS3, the BREEZE series, the Frontlander series, and the INTEGRA series shot up 156.8%, 55.4%, 48.2%, and 41.5% year on year, respectively.