
China NEV retail sales drop 11% to 614,000 units in April 1-26

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China's retail sales of new energy vehicles (NEVs) dropped 11% year-on-year to 614,000 units from April 1-26, with a retail penetration rate of 61.2%. Overall passenger vehicle sales also fell 24% year-on-year to 1.004 million units. Cumulative NEV sales for the year reached 2.523 million units, down 19% from last year. The decline is attributed to consumer hesitation ahead of the Beijing Auto Show and ongoing dealership challenges. The China Passenger Car Association (CPCA) anticipates a slight increase in NEV sales to 860,000 units for April, with penetration rates expected to exceed 60%.
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