China's Auto Production and Sales Dip Slightly in April; NEV Exports Steady

In April, China produced 2.575 million vehicles and sold 2.526 million units, down 1.7% and 2.5% year-on-year, respectively. Domestic sales totaled 1.625 million units, a 21.6% year-on-year decline, with domestic sales of conventional fuel-powered vehicles falling by 32.2% to 710,000 units. Meanwhile, vehicle exports continued to grow rapidly, the commercial vehicle market posted year-on-year growth, and the new energy vehicle (NEV) market remained stable. Some experts noted that the decline in production and sales was primarily driven by short-term factors, including the transition of the early-year "trade-in" policy, the phase-out of purchase tax subsidies for NEVs, and weak consumer confidence.