April Domestic Auto Sales Drop 21.6% YoY as Both ICE and NEV Segments Decline

Domestic auto sales in April totaled 1.625 million units, down 21.6% year-over-year. Among these, sales of internal combustion engine (ICE) vehicles reached 710,000 units, a 32.2% decline year-over-year, while new energy vehicle (NEV) sales amounted to 914,000 units, down 10.8% year-over-year. In the first four months of 2024, cumulative domestic auto sales stood at 6.447 million units, representing a 20.6% year-over-year decrease. Factors affecting the current automotive market include adjustments to subsidy policies, a cooling of the price war, and rising oil prices driven by geopolitical tensions in the Middle East. Due to these multiple headwinds, a significant near-term recovery in the auto market appears unlikely. Although NEVs have experienced a relatively smaller decline, their overall growth momentum has notably slowed. Future market trends will depend on policy developments, oil price fluctuations, and other related factors.