China’s new energy passenger vehicles sales in April 2023

Market Forecast for New Energy Passenger Cars in China in April

In 2022, the China’s passenger vehicle achieved sales of 6.5 million new energy vehicles, with a good performance of 94% growth rate. After the quarter end sprint of passenger car sales in March 2023, the China’s new energy passenger returned to stability in April. The price war in April gradually subsided, and consumers resumed rational consumption. The wait-and-see sentiment was alleviated, and the suppressed demand in the early stage was released. The overall car market continued the trend at the end of March, stabilizing and repairing.

Due to the impact of last year's low base and the recent strengthening of China's new energy passenger vehicle exports, the performance of car companies in the core areas of the new energy vehicle industry chain, such as Shanghai, has been exceptionally outstanding.

In March 2023, the wholesale sales of 11 manufacturers in the Chinese passenger car market with new energy sales of over 10000 units accounted for 80.7% of the overall monthly sales of new energy passenger cars. The estimated sales of these companies in April were 482000 units. According to the normal structure and proportion prediction, the sales of new energy passenger cars in China in April were 600000 units. Considering the short working days in April, it is already a good performance that the sales in April were basically the same as 617000 in March. Especially in April, the year-on-year doubling and surge in new energy passenger vehicles is very exciting.

In 2023, China's advantages in the development of new energy passenger vehicles will continue to consolidate and expand. The Passenger Transport Association estimated that the wholesale sales of new energy passenger vehicle manufacturers in April were 600000 units, basically unchanged from the previous month, with a year-on-year increase of 114%. It is expected that the wholesale volume of new energy vehicles by Chinese passenger car manufacturers will reach 2.1 million from January to April, a year-on-year increase of 43%.

Wholesale sales of new energy from major China’s automobile manufacturers in April

(From： CPCA)

Translated by; WONDEE Autoparts

2023/5/8