(MENAFN) According to data released by an industry association, China's retail sales of passenger cars exhibited robust growth in the first four months of the year, reaching close to 6.42 million units. This figure represents a notable increase of 9 percent compared to the same period last year, indicating sustained demand within the domestic automotive market. Despite facing various economic challenges, including supply chain disruptions and fluctuating consumer sentiment, the Chinese automotive sector has demonstrated resilience and continues to show signs of recovery.
However, the month of April saw a slight downturn in passenger car sales, with figures showing a 2 percent decrease year-on-year, totaling nearly 1.59 million units. This decline in April sales could be attributed to a variety of factors, including seasonal fluctuations, regulatory changes, and ongoing market dynamics. Nevertheless, the overall trajectory remains positive, with the automotive industry maintaining steady momentum.
Amidst the broader trends in passenger car sales, the market for new energy vehicles (NEVs) has emerged as a notable bright spot. Retail sales of NEVs experienced robust growth during the January-April period, with nearly 2.48 million units sold through retail channels. This surge represents a remarkable increase of 35 percent compared to the same period last year, underlining the growing popularity and adoption of environmentally friendly transportation options in China.
In April specifically, retail sales of NEVs continued to show strong performance, reaching 706,000 units and marking a significant year-on-year increase of 34 percent. This upward trajectory in NEV sales reflects not only evolving consumer preferences but also the government's continued efforts to promote sustainable mobility solutions and reduce emissions. As China continues to prioritize the development and adoption of NEVs, the automotive industry is poised for further innovation and growth in the coming months and years.
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