- NEV retail penetration reached 61.2% during the period as traditional combustion-engine cars fared worse.
- Broader auto market demand remains under pressure, with consumers maintaining a strong wait-and-see approach ahead of the Beijing Auto Show in late April.
Retail sales of passenger new energy vehicles (NEVs) in China declined in the first 26 days of April from a year earlier, largely as consumers maintained a strong wait-and-see sentiment ahead of a major auto show.
Passenger NEV retail sales in China totaled 614,000 units from April 1 to April 26, down 11% year-on-year and 6% lower than the same period last month, data released by the China Passenger Car Association (CPCA) showed Wednesday.
The retail penetration rate of NEVs reached 61.2% during the period. This indicates that NEVs fared relatively better than traditional combustion-engine vehicles amid broader weakness in the auto market.
Cumulative retail sales of passenger NEVs in China so far this year stood at 2.523 million units, down 19% from a year earlier.
In the broader market, overall passenger vehicle retail sales in China totaled 1.004 million units between April 1 and April 26. The figure dropped 24% year-on-year and fell 19% from the same period last month.
As of April 26, cumulative retail sales of all passenger vehicles nationwide for the year stood at 5.226 million units, down 19% from a year earlier.
In the first week of April (April 1-6), average daily retail sales of passenger vehicles in China were 24,594 units, down 30% year-on-year and 20% lower than the same period in March.
In the second week (April 7-12), average daily retail sales were 38,159 units, down 13% year-on-year and 5% lower than the same period in March.
In the third week (April 13-19), average daily retail sales stood at 35,742 units, down 33% from a year earlier and 27% lower than the same period last month.
In the fourth week (April 20-26), average daily retail sales were 53,948 units, down 21% from a year earlier and 21% lower than the same period last month.
Wholesale shipments of passenger NEVs in China from April 1 to April 26 were 712,000 units, down 11% from a year earlier and 13% lower than the same period last month.
During the April 1-26 period, total wholesales of all passenger vehicles nationwide amounted to 1.268 million units, down 15% year-on-year and 24% lower than the same period last month.
From April 1 to 6, average daily wholesales of passenger vehicles in China were 25,392 units, down 28% year-on-year and 17% lower than the same period last month.
From April 7 to 12, average daily wholesales were 37,016 units, down 29% year-on-year and 24% lower than the same period last month.
From April 13 to 19, average daily wholesales were 54,456 units, down 7% year-on-year and 10% lower than the same period last month.
From April 20 to 26, average daily wholesales were 73,214 units, down 7% year-on-year and 33% lower than the same period last month.
Cumulative wholesales of passenger vehicles in China so far this year stood at 7.134 million units, down 8% from a year earlier.
The weakening in wholesales is a passive adjustment to sluggish retail sales, as well as a proactive move by automakers to dial back supply to prevent further inventory buildup at dealerships, the CPCA said.
The sales pace was muted in early April, primarily due to the Tomb-Sweeping Day holiday, which resulted in fewer effective selling days.
Consumers' decisions to delay purchases were significantly driven by the accelerated iteration of products and technologies. The concentrated launch of multiple new models at the Beijing Auto Show in late April further exacerbated the market's wait-and-see sentiment, according to the CPCA.
Furthermore, dealership channel issues have emerged as the biggest challenge in the current auto distribution sector. Two consecutive quarters of year-on-year declines have made profitability difficult for dealers, continuing to mount operational pressure on the industry, the CPCA said.
