Recently, the China Passenger Car Association released a car market report, revealing the latest developments in the passenger vehicle market from April 7th to 14th. During this period, the performance of the electric car market was particularly remarkable, with both wholesale and retail penetration rates exceeding 50%. This data was also mentioned by BYD Chairman Wang Chuanfu at the China Electric Vehicle Hundred-Person Forum not long ago.

Specific data

According to the report, from April 1st to 14th, the retail sales volume of passenger vehicles in the market was 516,000 units, a decrease of 11% compared to the same period last year, and a slight decline compared to the same period last month. However, the cumulative retail sales volume for this year reached 5.348 million units, an increase of 10% compared to the same period last year. At the same time, the wholesale volume of passenger vehicles from manufacturers nationwide was 534,000 units, an increase of 13% year-on-year, but also a decrease compared to the same period last month.

In the electric car sector, data shows that from April 1st to 14th, the retail sales volume of electric cars reached 260,000 units, a remarkable increase of 32% compared to the same period last year, and also an increase compared to the same period last month. The cumulative retail sales volume for this year in the electric car sector has reached 2.032 million units, showing a staggering 34% year-on-year growth. Additionally, the wholesale volume of electric cars from manufacturers nationwide was 268,000 units, marking a substantial 43% year-on-year increase, and also an increase compared to the same period last month.

What does the data show?

Based on this data, we can see that the importance of electric cars in the market is increasing. During this period, electric cars accounted for approximately 50.39% of retail sales and an astonishing 50.19% of wholesale sales in the passenger vehicle market. The penetration rate of electric cars in the passenger car market is accelerating, and their market share is continuously increasing.

In the future, with the continuous improvement of electric car technology and the enhancement of supporting infrastructure, we have reason to believe that the market share of electric cars will continue to rise, making them a dominant force in the future automotive market. This undoubtedly will bring new opportunities and challenges to the entire automotive industry, and we look forward to further developments in this field.