China's April NEV retail sales continue to fall, while penetration tops 60% for first time
CnEVPost • • business
Key Points:
- China's new energy vehicle (NEV) retail sales declined by 6.8% year-on-year to 849,000 units in April, marking the fourth consecutive month of decline, while battery electric vehicle (BEV) sales rose 2.4%.
- Plug-in hybrid electric vehicle (PHEV) sales dropped sharply by 25.2% year-on-year, contributing to an overall 21.5% year-on-year decline in China's passenger car market for the seventh consecutive month.
- Despite the sales decline, NEV penetration in China's auto market hit a record high of 61.4% in April, driven by a steeper drop in traditional internal combustion engine vehicle sales.
- Chinese domestic brands increased their market share to 69.6% overall and achieved an 80.1% penetration rate within the NEV sector in April.
- China’s passenger car exports surged 80.7% year-on-year to 769,000 units in April, with NEV exports more than doubling to 406,000 units, making up 52.7% of total exports for the first time.