China’s new energy vehicle (NEV) market continues to show promising growth, with retail sales reaching 922,000 units in April. This marks a significant increase of 37 percent compared to the same period last year, although there was a slight decline from March.
According to the latest data released by the China Passenger Car Association (CPCA), wholesale sales of NEVs in April totaled 1.142 million units, representing a 41 percent year-on-year increase and a 1 percent rise from March.
Cumulatively, retail sales of passenger NEVs in China have reached 3.342 million units so far this year, reflecting a robust 37 percent year-on-year growth. Meanwhile, wholesale sales of passenger NEVs have totaled 3.99 million units year-to-date, showing a 42 percent increase compared to the previous year.
The overall retail sales of passenger vehicles in China stood at 1.791 million units in April, marking a 17 percent year-on-year growth. However, there was an 8 percent decrease compared to March. Year-to-date, cumulative retail sales of all passenger cars in China reached 6.918 million units, demonstrating a 9 percent year-on-year increase.
The data also reveals that China’s NEV penetration at retail reached 52.3 percent in April and 48.31 percent year-to-date, indicating a growing interest and adoption of electric vehicles among consumers.
The month of April saw fluctuations in average daily retail and wholesale sales of passenger cars in China. While there were slight variations in sales figures throughout the month, the overall trend remained positive, with a notable spike in retail sales towards the end of April.
Looking ahead, the Chinese NEV market is expected to continue its upward trajectory, driven by government incentives, increasing consumer awareness, and a growing focus on sustainable transportation solutions. With ongoing developments in technology and infrastructure, the future looks bright for the electric vehicle industry in China.
As the market evolves and adoption rates continue to rise, stakeholders in the NEV sector can look forward to a promising future filled with opportunities for growth and innovation. Stay tuned for more updates on the latest developments in China’s dynamic electric vehicle market.
