By Jiahui Huang
China vehicle sales fell last month, industry data showed, as consumers held back from big-ticket purchases despite an intense electric-vehicle price war in the world's largest auto market.
Retail sales of passenger cars were 1.53 million units in April, down 5.7% from a year earlier and 9.4% from March, the China Passenger Car Association said Friday.
Despite the slower market, new-energy cars, which include electric vehicles and plug-in hybrids, maintained strong sales momentum, with retail sales rising 28% to 674,000 units in April.
The market for internal-combustion cars was squeezed further because there was little room for price reductions compared with EV rivals in the Chinese market, the CPCA said.
China sold 3.24 million new-energy cars in the first quarter, accounting for 62% of global EV sales.
Tesla delivered 62,167 cars made at its Shanghai plant in April, down from a year earlier and the previous month. BYD sold 312,048 units, retaining its title as the top EV seller.
Chinese exports of passenger cars hit a record high, jumping 38% to 417,000 units in April. Exports of new-energy vehicles rose 27% to 115,000 units, with Tesla exporting 30,746 cars made in China.
Tepid sales of internal-combustion cars dragged on China's auto market, but consumer sentiment could improve as the EV price war cools and government trade-in programs kick in, the association said. Retail sales of passenger cars are expected to rise in May from April, it said.
Write to Jiahui Huang at jiahui.huang@wsj.com
(END) Dow Jones Newswires
05-10-24 0635ET
