The Zhitong Finance App learned that on May 29, data from the Passenger Federation showed that on May 1-26, the NEV market retailed 574,000 vehicles, up 27% from the same period last year, up 2% from the same period last month. Since May 1-26, passenger car manufacturers across the country have sold 620,000 new energy vehicles, up 25% from last year, down 3% from the same period last month, and 3.36 million vehicles have been sold since this year, up 29% from last year.

From May 1 to 26, the passenger car market retailed 1.208 million vehicles, down 6% from the same period last year, down 2% from the same period last month, and has sold 7.755 million units since this year, up 5% year on year. From May 1 to 26, passenger car manufacturers across the country sold 1.253 million units, down 5% from the same period last year, down 16% from the same period last month, and a total of 8.802 million units have been sold since this year, up 8% year on year.

Retail sales in the national passenger car market gradually picked up in May 2024  

The passenger car market sold 47,000 vehicles per day in the first week of May, down 9% from the same period last year, and up 28% from the same period last month.

The passenger car market sold 44,000 vehicles per day in the second week of May, down 7% from the same period last year and 2% from the same period last month.

In the third week of May, the passenger car market sold 48,000 vehicles per day, down 2% from the same period last year and down 28% from the same period last month.

From May 1 to 26, the passenger car market retailed 1.208 million vehicles, down 6% from the same period last year and 2% from the same period last month. Since this year, a total of 7.755 million vehicles have been sold, an increase of 5% over the previous year.

With the arrival of the “May 1st” holiday and the launch of local auto shows one after another, marketing activities are being launched in various regions, further attracting consumers' attention to the car market and enthusiasm for car purchases. Merchants combined the manufacturer's policies to attract customers quite well.

As the low season of the summer market approaches, the car market has entered a period of stability. In April, China's manufacturing purchasing managers' index (PMI), non-manufacturing business activity index, and composite PMI output index were 50.4%, 51.2%, and 51.7% respectively. The three major indices continued to remain in the expansion range, which had an obvious effect on stabilizing the auto market.

Recently, large-scale cost reduction and material cost reduction effects of new energy sources have been outstanding. Competition with traditional fuels has the upper hand, and the pressure on fuel vehicles is high. The continued slump in conventional fuel vehicle consumption is an important factor inhibiting the overall recovery of the car market. Policies such as the current trade-in reasonably guarantee the replacement demand of fuel vehicle consumers. It is of great significance to the steady development of the car market, and is also conducive to the gradual stabilization of the car market in May. The month-on-month recovery performance of fuel vehicles in early May was slightly better than that of new energy vehicles. Due to the synchronization of time spans at the end of the month, the last week of April has a long span and a high base, so the month-on-month growth in May was abnormally low. It should be able to recover next week, and retail sales for the whole month should increase slightly positive month-on-month.

Sales of passenger car manufacturers across the country picked up steadily in May 2024

The average wholesale volume for the first week of May was 34,000 vehicles per day, down 11% from May last year, and 10% from the same period last month.

The average daily wholesale volume for the second week of May was 53,000 units, up 1% from May last year, and 1% from the same period last month.

The average wholesale volume for the third week of May was 68,000 vehicles per day, down 5% from May last year, and 30% from the same period last month.

From May 1 to 26, passenger car manufacturers across the country wholesale 1.253 million vehicles, down 5% from the same period last year, down 16% from the same period last month; a total of 8.802 million units have been sold since this year, an increase of 8% over the previous year.

There are 21 working days in May this year, which is the same as last year, but this year's 5 consecutive holidays have reduced the production and sales interval in May. As the summer off-season approaches, the car market has stabilized. Some fuel vehicle companies have stepped up their vacation efforts to achieve production cuts to stabilize prices and demand. Rational production cuts have had a stable effect on market development in the balance between supply and demand. Production and sales of manufacturers were relatively low in the third week of May. When dealer purchases accelerate and export data is imported at the end of the month, the whole month will return to a positive year-on-year growth state.

With the implementation of the national trade-in policy and the introduction of follow-up measures in various regions, and the gradual cooling of the price war for new products in the car market, the consumer enthusiasm of market watchers has been stimulated. The market should enter a relatively good stage, and we expect the fuel vehicle market to gradually recover its vitality.

In April, China's automobile exports increased by 31% to 556,000 units

In April 2024, China achieved exports of 556,000 vehicles, with a growth rate of 31% compared to April 2023 and an increase of 13% over the previous month. The month-on-month trend was very good; in January-April, China exported 1.88,000 vehicles, with an export growth rate of 26%. The growth rate in the first quarter slowed compared to the high growth rate of the previous three years, and the growth rate rebounded in April. The main driving force this year is still the increase in the competitiveness of Chinese products and the slight increase in the European and American markets, and the total replacement of international brands in the Russian market by Chinese cars under the Russian-Ukrainian crisis. In particular, the increase in exports brought about by the increase in the competitiveness of China's fuel vehicle exports. From January to April 2024, China's automobile exports reached 35.9 billion US dollars, and the export growth rate was 21.2%. The average price of automobile exports from January to April 2024 was 19,000 US dollars, compared with 19,000 US dollars in 2023, which is still basically the same.

The top five countries with total automobile exports in April 2024: Russia 93,478, Brazil 47,389, Mexico 38,997, UAE 31,237, Belgium 27,293; the top five countries that increased China's automobile exports in April: Brazil 43,134, UAE 17,560, Russia 16,902, UK 7,673, and Belgium 7,137.

The top five countries with total vehicle exports from January to April 2024: Russia 268,779, Mexico 148,705, Brazil 106,448, Belgium 95,230, UAE 85,869; the top five countries that increased China's automobile exports in April: Brazil 89,709, Russia 51,132, the United Arab Emirates 38,915, Mexico 31,940, and Kyrgyzstan 30,812. The increase in the top 5 countries contributed 65%, of which Brazil's exports contributed greatly. From January to April 2024, markets such as Israel, Australia, Spain, the Netherlands, and France declined significantly; the Central Asian and Russian markets all performed relatively well, and even the Russian market became an incremental core market.

In April 2024, China's automobile imports fell 17% by 50,000

China's imported car imports continued to decline at an average annual rate of around 8% from 1.24 million vehicles in 2017 to only 800,000 units in 2023. From January to April 2024, 210,000 vehicles were imported, a year-on-year decrease of 8%, and the downward trend continued. In April, 51,000 cars were imported, down 17% year on year and 3% month on month.

In 2023, European exports of 2.5-liter or more passenger cars to China reached 196,000 units, up 11% year on year, and US$17.9 billion, up 3% year on year. From January to April 2024, it reached 44,000 vehicles, a decrease of 12%, and a decrease of 16% to 4.1 billion US dollars. Of these, imports in April were 85,000 vehicles, a decrease of 46%. In April, imports amounted to US$850 million, a decrease of 42%.

As China's automobile industry continues to strengthen, the electrification transformation has changed the market demand structure. Demand for fuel vehicles continues to shrink, and demand for imported fuel vehicles has also declined markedly.

National Charging Pile Market Analysis-April 2024

According to data analysis from the China Charging Alliance compiled by the Passenger Transport Association, the number of piles in April 2024 increased by 67,600 compared to the previous month, which is 2% faster than the same period last year; the cumulative annual increase of 250,000 piles reached 10% compared to the same period last year. The number of private piles with cars increased by 234,000 compared to the previous month, faster than the 183,000 growth rate in April 2023 by 28%; the annual cumulative increase of 767,000 private piles was 17% compared to the same period last year. The charging capacity of the utility pile was 394,000 degrees, which is a good increase from 268,000 degrees during the same period. The average monthly charge of a single pile was 1,324 degrees, which is basically the same as last year.

In recent years, China's charging infrastructure has developed rapidly, and it has built the largest number, widest range of services, and the most complete variety of charging infrastructure systems in the world. Currently, according to estimates of 1 meter pile = 3 private piles, the piles ratio of pure electric vehicles in China's 2024 incremental market is 1:1, which is definitely several times ahead of other countries in the world.