Wilson: Monthly report on new energy vehicle industry in April 2024

Overall performance of the passenger car market

• In April, the sales volume of the passenger car market was 1.54 million units, a year-on-year decrease of 4.0%, and it has declined for three consecutive months. The sales volume of the new energy market was about 673,000 units, a year-on-year increase of 36.6%, which performed significantly better than the overall market.
• In April, sales in the new energy market accounted for 43.7% of total passenger car sales, up 13.0% from the same period last year.

Overall performance of the new energy market

• In April, pure electric vehicle sales were approximately 408,000 units, up 23.1% year-on-year and down 1.6% month-on-month; plug-in hybrid vehicle sales were approximately 265,000 units, up 64.3% year-on-year and down 6.5% month-on-month.
• In 2024, the cumulative sales volume of new energy vehicles reached 2.411 million units, a year-on-year increase of 39.9%.

Top 10 cities in terms of sales volume of new energy passenger vehicles

• In April, the sales volume of the top 10 cities accounted for 27.3%, down 0.3% from the previous month (27.6%); the top 3 cities were: Beijing, Shanghai, and Chengdu; Zhengzhou replaced Tianjin to enter the top ten.
• In terms of fuel type, pure electric vehicles account for the majority of sales in the top 10 cities; in terms of ownership, individual users account for the majority.
• The top three cities in terms of new energy penetration rate this month are: Shenzhen (60.2%), Hangzhou (57.0%) and Chongqing (52.3%); the city with the lowest penetration rate is Beijing (43.5%).

• In April, the top three pure electric vehicle market segments were: A-SUV (15.7%), A-class (15.0%) and A0 (14.3%). Compared with the previous month, the C-class market share increased relatively more (+5.3%), mainly driven by Xiaomi SU7 and Zeekr 001; the B-SUV market share decreased relatively more (-4.1%).
• Compared with the same period last year, the C-class market share increased from 6.5% to 12.4%.

• In April, individual users accounted for 80.5% of the pure electric vehicle market, a year-on-year increase of 43.8%; corporate users accounted for 19.4%, a year-on-year increase of 105.9%.
• In total, the pure electric market is dominated by individual users, accounting for 77.2%; corporate users account for 14.7%.

Key industry news guide: April

• Important developments of new energy related companies this month

• In April, NIO successively reached battery swap network cooperation with Jiyue, SAIC-GM, Deep Blue, and Lotus. The battery swap circle of friends has gathered major groups including Geely, Changan, Chery, etc. Since November last year, in just half a year, NIO has signed contracts with many industry leaders, and the battery swap "circle of friends" continues to expand.
  

• On April 8, Toyota's global vehicle intelligent driving solution adopted the "Toyota + Huawei + Momenta" tripartite joint solution model. Autonomous driving company Momenta and Huawei provide software and hardware solutions respectively, and the three parties cooperate deeply and integrate.
  

• On April 16, Honda held a new electric brand launch conference and officially launched the new electric brand "Ye" specially launched for the Chinese market. The "Ye" brand launched three new models - Ye S7, Ye P7, and Ye GT CONCEPT; among them, the first two models will be launched at the end of 2024.

New Energy Technology Trends

The Central Bank and the State Financial Regulatory Administration jointly issued a notice on adjusting the relevant policies on auto loans

• On April 3, the People's Bank of China and the State Financial Supervision and Administration Bureau jointly issued the "Notice on Adjusting Relevant Policies on Auto Loans". The "Notice" relaxes the current maximum auto loan issuance ratio, and at the same time encourages financial institutions to appropriately reduce or waive penalty fees for early settlement of loans during the car trade-in process, so as to better support reasonable auto consumption needs.

Qingdao/Chongqing/Wuhan related policies

Changzhou/Chenzhou/Jiujiang Related Policies