Preface
Retail sales of passenger vehicles totaled 1.53 million units in the month, reflecting a 5.5% increase from a year earlier and a 9.2% decline compared to the previous month, according to data released by the China Passenger Car Association (CPCA). From January to April, the market registered a gradual 8.0% year-on-year growth pace. Notably, new energy vehicles, which include electric and plug-in hybrids, maintained their strong sales momentum with a 29.0% annual surge, outperforming the broader market slowdown.
In this report, Infoturbo provides an overview of the sales for each segment in the Chinese car market in April 2024. Take a look!
Editorial Review
Facing downward pressure on the overall market, Chinese brands maintained a certain growth momentum. However, mainstream JV brands suffered sluggish sales due to a lack of flexible market strategies. Specifically, German, Japanese, American, French, and South Korean brands all saw their market share decrease compared to the same period last year.
Regarding individual automaker sales, BYD retained its position as the top seller thanks to its strong product power and high brand recognition. Geely and Chery also performed well. However, most traditional JV carmakers, including FAW-Volkswagen, GAC Toyota, and Dongfeng Honda, experienced sales declines over the same period last year, mainly due to their weak competitiveness in the NEV market.
In May, the Chinese passenger vehicle market is anticipated to rebound, buoyed by the government's latest initiatives to bolster domestic auto consumption and a cooling of the price war in the NEV market.
Note:
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SALES ANALYSIS OF CHINESE NEV MARKET IN MARCH 2024
Infoturbo (previously known as NewsTurbo) is China's first English-language automotive news WeChat account that offers sophisticated insights into the industry, with a focus on the government's auto industry policies, and the latest tech trends like car sharing, connectivity, electrification, and autonomous driving.
