China's auto industry price war faded in April, easing consumer wait-and-see sentiment and releasing suppressed demand, the CPCA said.
China's wholesale sales of new energy passenger vehicles are expected to be 600,000 units in April, basically unchanged from March and up 114 percent year-on-year, the China Passenger Car Association (CPCA) said in a report today.
In March, the 11 manufacturers with more than 10,000 wholesale sales of new energy vehicles (NEVs) contributed 80.7 percent of all wholesale sales, the CPCA said.
These companies are expected to sell 482,000 units in April, and the normal structure would put China's wholesale sales of new energy passenger vehicles in April at around 600,000 units, the CPCA said.
In January-April, China's wholesale sales of new energy passenger vehicles are estimated at 2.1 million units, up 43 percent year-on-year, according to the report.
The CPCA said the overall auto market continued the trend seen in late March as the price war in China's auto industry receded in April, easing consumer wait-and-see sentiment and releasing previously suppressed demand.
Due to the low base of last year and the recent continued strength of China's new energy passenger vehicle exports, car companies in the core regions of the NEV industry chain, including Shanghai, performed well, the CPCA said.
Passenger vehicle sales in China are expected to be 23.5 million units in 2023, including 8.5 million NEVs, and NEV penetration is expected to reach 36 percent, the CPCA said, repeating its previous forecast.
China's new energy passenger vehicle sales were 6.5 million units in 2022, up 94 percent year-on-year, the CPCA noted.
Here are the CPCA's wholesale NEV sales for major car companies in April.