In March 2024, the Spanish auto market flourished, posting a robust 23.2% YoY increase in sales, totaling 116,725 units. For the first quarter, cumulative sales surged 14.1% YoY to 279,368 units. Notably, sales of new energy vehicles (BEV+PHEV) soared 68.7% to 16,474 units, capturing a 14.1% market share.

● Brand Rankings: This month witnessed significant shifts, with Renault reclaiming the top spot with a remarkable 101.3% growth rate. Additionally, Chinese brands such as MG and Jaecoo emerged as notable players.

● Model-wise, the Dacia Sandero and MG ZS led the pack, while Chinese models like the Jaecoo 7 and BYD Seal U also made significant impacts.

In this article, we delve into the current state and future trends of the Spanish auto market, examining sales overviews, brand performance, and model competition.

01

Spanish Auto Market: Sales Overview and Brand Analysis

March 2024 saw Spanish auto sales hit 116,725 units, up 23.2% YoY. Cumulatively, first-quarter sales reached 279,368 units, up 14.1% YoY.

● Factors Driving Growth:

◎ An additional two business days compared to March 2023.

◎ The traditional sales lull during "Semana Santa" holidays shifting from March to April.

◎ Strong regional demand, notably in Valencia (+26.3%), Cantabria (+39.9%), La Rioja (+30.7%), Madrid (+30.4%), and Asturias (+29.3%), where replacement vehicle demand significantly boosted sales.

● Sales Channel Breakdown:

◎ Private sales grew 26.6% to 44,069 units, with cumulative first-quarter sales up 18.3% YoY to 122,608 units.

◎ Corporate sales rose 18.4% to 33,174 units, with cumulative first-quarter sales up 8.1% YoY to 90,796 units.

◎ Leasing sales increased 23.8% to 39,482 units, with cumulative first-quarter sales up 15.4% YoY to 65,964 units.

A particular highlight was the performance of new energy vehicles (BEV+PHEV), which saw sales jump 68.7% YoY to 16,474 units, increasing their market share to 14.1%. Quarterly sales totaled 39,741 units, up 46.7% YoY, with a 14.2% market share.

Spanish consumers' embrace of new energy vehicles is accelerating, likely fueled by policy incentives (e.g., purchase subsidies) and improved charging infrastructure.

● The brand rankings underwent a significant reshuffle in March, marked by intense competition:

◎ Renault surged to the top with a stunning 101.3% growth rate, doubling its sales and capturing an 8.1% market share, reclaiming the lead for the first time since August 2018.

◎ Seat followed in second place with a 48.6% increase.

◎ Volkswagen and Peugeot recorded growths of 36.7% and 31.2% respectively, outpacing the market average.

◎ Toyota, the previous month's leader, saw sales decline 23.8% to fifth place but maintained its lead in cumulative first-quarter sales.

◎ Kia's sales dipped 13.6%, pushing it to sixth place.

◎ Dacia and MG witnessed growths of 44.2% and 112% respectively, standing out in the market.

◎ Emerging brand Jaecoo entered the top 26 for the first time with a 0.8% market share, signaling the rise of new market players.

● Chinese Brands Shine:

◎ MG sold 5,526 units in March, up 112% YoY, with cumulative sales of 12,926 units, up 91% YoY.

◎ BYD sold 1,626 units in March, a massive 1,448.6% YoY increase, with cumulative sales of 3,809 units, up 777.6% YoY.

◎ Jaecoo sold 991 units in March, with cumulative sales of 1,945 units.

◎ Omoda sold 720 units in March, up 256.4% YoY, with cumulative sales of 2,539 units, up 660.2% YoY.

02

Model Sales and Competitive Landscape Analysis

● The model sales rankings were equally competitive:

◎ The Dacia Sandero reclaimed the top spot with a 53% growth rate and a 3.4% market share, reinforcing its dominance in the economy car segment.

◎ The MG ZS soared to second place with an 88.1% increase, demonstrating the strong momentum of Chinese models.

◎ The Nissan Qashqai grew 16.4% to take third place and also led in cumulative first-quarter sales.

● Model Data Insights:

◎ Economy cars (like the Sandero) and SUVs (like the Qashqai and ZS) dominated the market, reflecting Spanish consumers' preference for practicality and value.

◎ Traditional European brands such as Renault, Seat, and Volkswagen held strong positions due to their established market presence and brand loyalty.

◎ Chinese brands like MG and Jaecoo leveraged their new energy technologies and pricing advantages to disrupt the market, creating a notable "catfish effect." With the introduction of more Chinese models like BYD, market competition, especially in the new energy sector, is set to intensify further.

Summary

The robust growth of the Spanish auto market in March 2024 underscores the recovery of consumer confidence. Chinese automakers, led by MG and Jaecoo, are gaining ground in the Spanish market with their high growth rates and new model introductions, poised for further market share expansion in the future.