The penetration rate of new energy vehicles has historically exceeded 50% and become mainstream in the market
The China Association of Automobile Manufacturers released the latest market data from April 1st to 14th, with retail sales of 516000 passenger cars and 260000 new energy vehicles, a year-on-year increase of 32%. The penetration rate of new energy vehicles has historically exceeded 50%! This also means that the pattern of China's automotive, oil and electricity markets has officially reversed, with new energy vehicles becoming the mainstream of the market and people buying gasoline cars becoming a minority.
How is the sales volume of traditional fuel and new energy vehicles compared?
In sharp contrast to the surge in sales of new energy vehicles, there has been a comprehensive collapse in sales of traditional fuel vehicles, especially for joint venture fuel vehicles represented by Japanese brands, which are facing even more difficult situations. According to official data, Honda sold 60400 new cars in China in March this year, a year-on-year drop of 26.3%, setting a record for the largest year-on-year decline since July 2023. Meanwhile, Nissan sold 87000 vehicles in China, a year-on-year decrease of 32.6%. As the leader of the top three Japanese brands, Toyota is also unable to reverse the decline in sales in China. Japanese cars, which once had a market share of over 30% at their peak, have now dropped to only 14.4% in March this year, cutting in half.
