China’s passenger car retail sales show steady growth in early 2024

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8th May 2024 – (Hong Kong) According to data from an industry association, China’s retail sales of passenger cars in the first four months of this year reached approximately 6.42 million units, reflecting a 9 per cent year-on-year increase.

The China Passenger Car Association reported that in April alone, sales of passenger cars experienced a slight decline of 2 per cent compared to the same period last year, with nearly 1.59 million units sold.

However, the market for new energy vehicles (NEVs) demonstrated impressive growth during the January-April period, with retail sales reaching approximately 2.48 million units. This represents a remarkable 35 per cent year-on-year surge.

In April, the retail sales of NEVs continued their upward trajectory, reaching 706,000 units, marking a substantial 34 per cent increase compared to the previous year, as reported by the association.

The data indicates that despite a minor dip in overall passenger car sales in April, the long-term trend remains positive, with consistent growth in the retail sector. The robust performance of NEVs is particularly noteworthy, showcasing the increasing popularity and demand for environmentally friendly vehicles in China.

The Chinese automotive market continues to evolve, driven by consumer preferences, technological advancements, and government initiatives promoting sustainable transportation. As the year progresses, industry experts will closely monitor these sales trends to gauge the overall health and trajectory of China’s passenger car market.