China Passenger Car Association: In April 2024, the national passenger car market retail volume reached 1.532 million vehicles, a year-on-year decrease of 5.7%

According to data from the China Passenger Car Association, the national passenger car market retail volume reached 1.532 million units in April this year , down 5.7% from the same period last year and down 9.4% from the previous month. Despite this, the cumulative retail volume this year has reached 6.364 million units, an increase of 8.0% year-on-year. In the field of new energy vehicles, the domestic retail penetration rate climbed to 43.7% in April, an increase of 11.7 percentage points from 32% in the same period last year.

It is particularly noteworthy that among domestic brands, the penetration rate of new energy vehicles is as high as 66.8%, which means that more than two out of every three new cars sold are new energy vehicles.

In comparison, the penetration rate of new energy vehicles in the luxury car market is 22.6%, while the penetration rate of new energy vehicles among mainstream joint venture brands is only 7.5%.

In terms of domestic retail market share in April, mainstream independent brand new energy vehicles accounted for 64% of the market share, an increase of 2.0 percentage points year-on-year. The market share of new energy vehicles of joint venture brands was 4.3%, a decrease of 0.8 percentage points year-on-year.

Through these data, we can observe the rapid growth of new energy vehicles in the Chinese market, especially the strong performance of domestic brands in the new energy vehicle market. At the same time, it also reflects that the penetration rate of traditional luxury cars and joint venture brands in the new energy vehicle field still has a lot of room for improvement.

Zikuai Technology