In April 2023, the sales of new energy vehicles (NEVs) reached a record high, with a year-on-year growth rate of over 50%. As of May 11, 2023, data released by the China Passenger Car Association (CPCA) indicated that the total sales of NEVs in April amounted to 1.755 million units, marking an increase of 14.5% compared to the same month last year.
From January to April 2023, total NEV sales reached approximately 6.872 million units, reflecting a year-on-year growth of 7.9%. In April alone, the sales of new energy passenger vehicles amounted to 905,000 units, a remarkable increase of 33.9% year-on-year. The cumulative sales from January to April stood at 3.324 million units, demonstrating a solid growth of 35.7%.
In April, the penetration rate of new energy vehicles in the overall passenger car market reached 51.5%, which is a significant increase of 7 percentage points compared to the same period last year. The report further revealed that among 13 A/H share automotive companies, 10 experienced year-on-year sales growth, with an average increase of 76.9%.
Notably, two companies achieved substantial sales increases for their new energy vehicles in April. The data from CPCA highlighted that the sales in April exceeded the impressive levels seen in April 2018. According to CPCA analyst Zhang Xiang, this growth is attributed to various government policies promoting NEVs and the gradual recovery of the market post-COVID-19.
In April, the sales of new energy vehicles reached 380,100 units in the domestic market, marking a year-on-year increase of 21.34%. Cumulatively, from January to April, sales totaled 1.380 million units, with a year-on-year rise of 46.98%.
In the electric vehicle segment, the sales of Tesla vehicles reached 347,100 units, while other brands like BYD and NIO also saw significant sales growth. In April, BYD’s sales figures were particularly strong, contributing to the overall market surge.
As part of ongoing trends, the market is expected to expand further in May 2023, with several manufacturers announcing various promotional activities to boost NEV sales. The overall outlook remains positive as more consumers shift towards electric vehicles.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/april-car-sales-surge-by-50-amidst-new-energy-vehicle-boom/
