China saw a decline in retail sales of new energy vehicles (NEVs) in April, but the penetration of NEVs in the overall market reached a record high, outperforming the broader automotive sector.
According to data released by the China Passenger Car Association (CPCA), retail sales of Chinese passenger NEVs totaled 674,000 units in April, marking a 28.3 percent increase from a year ago but a 5.7 percent decrease from March. This figure is lower than the CPCA’s earlier preliminary estimate of 706,000 units and the 720,000-unit estimate from the end of last month.
Battery electric vehicles (BEVs) accounted for 60.1 percent of all NEV retail sales in April, with 405,000 units sold. This reflects a 12.21 percent year-on-year increase but a 5.37 percent decrease from March. Plug-in hybrids (PHEVs) contributed 269,000 units to NEV retail sales, representing 39.9 percent of the total, up 64.23 percent year-on-year but down 4.27 percent from March.
In contrast, China’s overall passenger vehicle retail sales, including sedans, SUVs, and MPVs, reached 1,532,000 units in April, down 5.7 percent year-on-year and 9.4 percent from March.
The CPCA reported that China’s NEV penetration at retail hit a record 43.7 percent in April, up from 32 percent a year earlier and 41.6 percent in March.
The retail penetration of NEVs from local Chinese brands reached 66.8 percent in April, significantly higher than the 22.6 percent for luxury brands and 7.5 percent for mainstream joint venture brands.
Wholesale sales of passenger NEVs in China totaled 785,000 units in April, a 30 percent year-on-year increase but a 3.7 percent decrease from March. NEV penetration at the wholesale level in April was 39.9 percent, up from 33.9 percent a year earlier and 37 percent in March.
The penetration of local Chinese NEVs in April’s wholesale market was 53.6 percent, compared to 31.5 percent for luxury brands and 6.8 percent for mainstream joint ventures.
Passenger NEVs exported from China reached 115,000 units in April, up 26.8 percent year-on-year but 4.1 percent lower than in March, contributing 27.9 percent to passenger car exports. BEVs accounted for 78.8 percent of NEV exports in April, according to the CPCA.
