Beichen Asia Market: Analysis of Beijing Automobile Market in May 2024

New car transactions

• In May, Beijing's new car transactions totaled 56,500 units, up 2.59% month-on-month, 0.09 percentage points higher than the national average; and up 13.17% year-on-year, 11.67 percentage points higher than the national average.
• From January to May, Beijing sold a total of 253,700 new cars, up 10.11% from 230,400 last year, 1.81 percentage points higher than the national average.

• In May, Beijing traded 3,122 imported vehicles, up 8.52% from the previous month and down 7.55% from the previous year.
• From January to May, the cumulative transaction volume of imported vehicles in Beijing was 1.54 vehicles, a year-on-year decrease of 14.12%.

• In May, sales of imported cars in Beijing accounted for 5.53% of Beijing’s total new car transactions, an increase of 0.3 percentage points from the previous month and a decrease of 1.24 percentage points from the previous year.

New Energy Vehicle Sales

• In May, Beijing sold 29,700 new energy vehicles, up 10.05% from the previous month and 55.72% from the previous year, accounting for 52.52% of the total new car transactions. Sales of pure electric vehicles totaled 16,900, accounting for 57% of new energy vehicle sales.
• From January to May, a total of 112,700 new energy vehicles were traded in Beijing, a year-on-year increase of 34.09%, accounting for 44.43% of the total new car transactions.

• In May, 58,600 second-hand car transactions were completed in Beijing, down 7.86% from the previous month and up 0.68% from the previous year. The ratio of new to old cars was 1:1.04.
• From January to May, the cumulative transaction and transfer of used cars in Beijing was 268,600, a year-on-year decrease of 5.53%, and the ratio of new to old cars was 1:1.06.

• In May, the out-migration rate of used car transactions in Beijing was 36.53%, an increase of 0.68 percentage points from the previous month and a decrease of 5.64 percentage points from the previous year. From January to May, the out-migration rate of used cars in Beijing was 37.49%, with a total of 100,700 vehicles migrated out-of-town, a decrease of 9.42% from the previous year.