Group 1 - In April 2025, the retail sales of passenger cars in China increased by 14.5% year-on-year to 1.755 million units, slightly below the 1.81 million units sold in April 2018, marking a reversal of the low retail growth trend typically seen in April over the past decade [1] - The early implementation of the national vehicle replacement policy and direct subsidies has contributed to a favorable market growth, leading to a relatively mild "price war" and improved competitive dynamics within the industry [1] - The penetration rate of new energy vehicles (NEVs) continues to rise, becoming a key driver for the recovery of the passenger car market in spring [1] Group 2 - As of April 24, 2025, a total of 2.705 million vehicles have been replaced under the vehicle replacement policy, significantly boosting automotive consumption and overall retail growth [2] - In April, domestic brands achieved remarkable performance with retail sales of 1.15 million units, a year-on-year increase of 31%, capturing 65.5% of the domestic retail market share, up 8 percentage points from the previous year [2] - Traditional automakers like BYD, Geely, and Chery have shown significant improvements in market share, while foreign brands from Germany, Japan, and the U.S. are experiencing declining market shares [2] Group 3 - New energy passenger vehicles have become the core growth driver, with wholesale and retail penetration rates exceeding 51% in April; wholesale sales reached 1.133 million units, up 40.2% year-on-year, while retail sales hit 905,000 units, up 33.9% [3] - The export of passenger vehicles reached 1.55 million units in the first four months of 2025, a year-on-year increase of 1%, with NEVs accounting for 44.6% of total exports in April, up 14 percentage points from the previous year [3] - The strong demand during the May Day holiday is expected to further boost market performance, with leading domestic brands continuing to gain market share [3]