“以旧换新”效果显现，出口海外稳步上升，中国汽车销量前4月超预期增长

Core Insights - China's passenger car retail sales experienced a significant growth of 7.9% in the first four months of the year, reaching 6.872 million units, with April alone seeing a 14.5% year-on-year increase to 1.755 million units, just shy of the historical record set in April 2018 [1][2] - The production and sales of automobiles in China surpassed 10 million units for the first time in history during the first four months of the year [1][2] - The new energy vehicle (NEV) sector showed remarkable performance, with production and sales in April reaching 1.251 million and 1.226 million units respectively, marking year-on-year growth of 43.8% and 44.2%, and accounting for 47.3% of total new car sales [2] Market Dynamics - The "trade-in" policy implemented by the government has effectively countered the impact of U.S. tariffs on consumer confidence, contributing to a third consecutive month of sales growth in April [2] - The early launch of the national "trade-in" program and the implementation of subsidy policies have stimulated consumer demand, supported by local governments' consumption promotion measures and increased financial support from manufacturers [2] - April is typically a peak season for the market, and the combination of enhanced subsidies and continuous innovation from car manufacturers has further fueled consumer enthusiasm for purchasing vehicles [2] Export Performance - In the first four months of the year, China exported 1.55 million passenger cars, reflecting a year-on-year increase of 1%, with April exports reaching 423,000 units, including 189,000 NEVs, which constituted 44.6% of total exports [3][5] - The top export destinations for Chinese cars in Q1 included Mexico, UAE, Russia, Saudi Arabia, Belgium, Australia, and Brazil, with a stable export trend to Russia despite a decline since 2025 [5] - BYD, a leading Chinese automaker, achieved an impressive export volume of 78,700 units in April, representing a year-on-year growth of 90.8%, highlighting the significant influence of Chinese car manufacturers in emerging markets [5] Future Outlook - The passenger car market in China is expected to maintain steady growth in May, supported by ongoing consumption promotion policies and active market events [6] - Despite external pressures from U.S. tariffs potentially affecting consumer sentiment, the trend of relying on both domestic and foreign demand for market growth is becoming increasingly evident [6] - The overall outlook for China's automotive exports remains positive, with expectations that exports will exceed last year's figures, driven by the NEV sector [7]