Hua Er Jie Jian Wen·2025-05-11 07:42Core Insights - Despite external environment fluctuations and inventory pressures, the car market showed positive trends in April due to government consumption promotion policies and various local initiatives [1][22] - The retail volume of passenger cars in April reached 1.755 million units, a year-on-year increase of 14.5%, while the cumulative retail volume for the year reached 6.872 million units, up 7.9% year-on-year [1][3] Wholesale and Production - In April, wholesale volume of passenger cars reached a historical high of 2.19 million units, a year-on-year increase of 10.7% [8] - Passenger car production in April was 2.23 million units, up 11.2% year-on-year, contributing to local economic growth [7][8] Inventory - Overall inventory in the industry increased by 120,000 units in the first four months of the year, contrasting with a decrease of 410,000 units in the same period last year [9][22] New Energy Vehicles (NEVs) - The retail penetration rate of NEVs reached 51.5% in April, with a year-on-year increase of 7 percentage points [15] - NEV production in April was 1.151 million units, a year-on-year increase of 40.3% [10][12] Brand Performance - Domestic brands accounted for 65.5% of retail sales in April, with a year-on-year increase of approximately 8 percentage points [4][20] - BYD, Geely, and Changan showed strong performance in the NEV sector, with significant increases in their market shares [19][20] Export Trends - In April, NEV exports reached 189,000 units, a year-on-year increase of 44.2%, accounting for 44.6% of total passenger car exports [16][17] - The export of self-owned brands reached 340,000 units, with a slight year-on-year increase of 0.1% [7][16] Market Outlook - The car market is expected to maintain stable growth in May, supported by ongoing consumption promotion policies and the upcoming Shanghai Auto Show [22][23] - The overall economic environment remains uncertain, influenced by external factors such as tariffs and trade policies [22][23]