2023-05-09 09:06:00
BEIJING/SHANGHAI (Archyde.com) – Domestic passenger car sales rose 2.1 percent to 1.65 million units in April from the previous month, the China Passenger Car Association (CPCA) said on Thursday.
The stimulus effect of price cuts and incentives has faded, highlighting a slowdown in growth.
Compared to the same month last year, when production and sales were disrupted due to the lockdown (city blockade) associated with the new coronavirus epidemic, it increased by 54.5%.
Sales in the January-April period fell 1.4% year-on-year to 5.98 million units.
Sales of new energy vehicles (NEV), including fully electric vehicles (EVs) and plug-in hybrids, fell 3.6% in April from the previous month. NEVs accounted for 32% of all passenger car sales in April.
BYD leads the NEV market share with 37%. Tesla’s market share was 7.6%.
This year, more than 40 brands will participate in a price-cutting race initiated by Tesla. The CPCA said consumers were delaying purchases in anticipation of significant price cuts.
Tesla later raised prices in China and elsewhere in May. The CPCA said at a news conference on Thursday that Tesla’s price hikes will help stabilize the market as a whole, as consumers lose their wait-and-see attitude.
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