China's NEV Passenger Car Retail Penetration Exceeds 60% in April; Only One ICE Model in Top 10 Best-Sellers

In April 2024, retail sales of passenger vehicles in China totaled 1.384 million units, down 21.5% year-over-year and 16% month-over-month. Of this, new energy passenger vehicle (NEV) retail sales reached 849,000 units, a 6.8% year-over-year decline and a slight 0.3% drop from the previous month; gasoline-powered vehicle retail sales stood at 530,000 units, plunging 37% year-over-year and 33% month-over-month. The NEV retail penetration rate for the month hit 61.4%, surpassing the 60% mark for the first time. Among the top ten best-selling passenger vehicle models in April, only Geely Binrui was a gasoline-powered model, with the remaining nine all being new energy vehicles. The sales champion was Geely Xingyuan, which sold 34,727 units—more than double the sales volume of the Binrui. From January to March this year, the share of gasoline vehicles among the top ten best-sellers had been steadily declining, shrinking to just one model by April, reflecting the rapid market share gains of new energy vehicles.