零售增速创近十年新高，4月车市再升温

Core Insights - In April 2023, the retail sales of passenger vehicles in China reached 1.755 million units, marking a year-on-year increase of 14.5%, the highest growth rate for April in nearly a decade [2][3] - The growth in the passenger vehicle market is attributed to early implementation of the vehicle trade-in policy and effective subsidy measures, which have alleviated price wars in the automotive industry [2][4] - The overall retail sales for the first four months of 2023 totaled 6.872 million units, reflecting a year-on-year growth of 7.9% [3] Passenger Vehicle Market Performance - April 2023 saw a significant increase in retail sales, with 1.15 million units sold by domestic brands, a 31% increase year-on-year, raising their market share to 65.5% [3] - The first quarter of 2023 experienced a sales decline due to preemptive promotions by manufacturers and dealers, but the market rebounded in February and continued to grow in March and April [3] Policy Support and Market Dynamics - The Chinese government has expanded the scope of vehicle scrappage and trade-in subsidies, including more vehicles under the subsidy program, which is expected to add over 10 million eligible vehicles [4] - In April 2023, the retail sales of new energy vehicles reached 905,000 units, a year-on-year increase of 33.9%, with a retail penetration rate of 51.5% [4]