On May 15th, Cui Dongshu, Secretary General of the China Passenger Car Association, released an analysis of the trends in the automotive sub-segments and the competitive performance of manufacturers in April 2026. The Chinese macroeconomy maintained robust growth, and driven by national policies to promote consumption, the automotive market sustained strong growth. The overall performance of the national automotive market in 2025 was strong, with the truck and bus markets showing significant recovery. However, due to the exceptionally strong policy support last year and a notable policy contraction in 2026, passenger vehicle retail sales have continued to experience negative year-on-year growth from January to April this year. Nevertheless, the growth rate of manufacturer sales in April remained relatively stable, supported by incremental exports. The performance of new energy vehicles in April was not strong, while the automotive export market continued to strengthen. Manufacturer inventory changes were minimal, and there was no significant inventory buildup by manufacturers at the end of the quarter. In 2026, the commercial vehicle market exhibited characteristics of structural growth driven by equipment renewal subsidies, with high subsidies accelerating the electrification of logistics and transportation vehicles, leading to high commercial vehicle market vitality.
1. Overall Stability in the 2026 Automotive Market Total vehicle sales in April 2026 reached 2.53 million units, representing a year-on-year decline of 2%. From January to April 2026, total vehicle sales amounted to 9.58 million units, a cumulative decrease of 5%. The truck market in 2026 was relatively strong, while the passenger vehicle and bus markets performed slightly weaker. Exports were robust, domestic demand was weak, resulting in a relatively stable overall sales trend for manufacturers.
2. Proportion of Exports in Total Sales China's automotive exports have experienced explosive growth in recent years. In April 2026, exports accounted for 35% of total sales, a significant increase from 20% in 2025, making exports a crucial component supporting the scale growth of China's automotive industry.
3. Significant Divergence in Performance of Major Automaker Groups Compared to the chart from 2021, some automakers showed strong performance in 2022, with severe divergence in industry growth rates. The pandemic in early 2022 put significant pressure on traditional automakers, especially with the combined impact of the new energy vehicle (NEV) disruption and the pandemic. State-owned large groups exhibited divergent performances, with GAC and Chery performing excellently, particularly in both commercial and passenger vehicle segments. Northern automakers such as FAW, Great Wall Motors, and BAIC Group faced pressure. Early 2023 saw the NEV push leading to divergent market trends. The three major central state-owned enterprises showed overall divergence, with some state-owned enterprises falling behind. NEV companies like BYD Company Limited performed very well; Chery and Tesla Motors showed relatively strong performance this year. Second-tier automakers experienced performance divergence, with independent small and medium-sized brands severely depressed due to the transition between old and new growth drivers and sustained losses from NEVs. The lineup and landscape of automotive groups underwent comprehensive changes in 2024. BYD Company Limited increased volume through new product price reductions, and due to strong passenger vehicle sales demand and overseas contributions, Chery, Geely, and Dongfeng performed very well, while SAIC continued to experience a sharp decline. Growth rates diverged for NEV makers BYD Company Limited and Tesla Motors. The manufacturer landscape in the automotive market underwent drastic changes, with the industry showing intense divergence in growth rates. Starting in 2025, private enterprises replaced state-owned enterprises as the main industry force, with Geely, BYD Company Limited, Chery, and Great Wall Motors maintaining relatively high growth rates. A strong start in 2026 was a key focus for all players. Despite a severe and sluggish market, SAIC, Geely, Chery, Dongfeng, BAIC Group, Great Wall Motors, and Tesla Motors performed relatively strongly from January to April this year, with improved growth rates. The automotive manufacturer landscape in 2026 is relatively stable, with the status of independent brands significantly elevated. Manufacturer sales in April were generally good overall, but sluggish market retail sales dragged down the performance of passenger vehicle manufacturers. Some manufacturers, including BYD Company Limited, showed very strong performance month-on-month compared to March. SAIC Motor Passenger Vehicle Co., Ltd. performed strongly year-on-year, while some manufacturers like BYD Company Limited still underwent significant year-on-year sales adjustments in April.
4. Production and Sales Trends for Passenger Vehicle Manufacturers (Narrow Definition) Total sales of passenger vehicles (narrow definition) in April 2026 were 2.11 million units, a year-on-year decrease of 4%. From January to April 2026, total sales were 7.98 million units, a year-on-year decline of 6%. In recent years, technological innovation and the competitiveness of new models in the NEV segment have continuously increased, while the launch of new fuel vehicle models has been weak. The NEV segment was in an adjustment period at the beginning of 2026, with dealers lacking confidence and high oil prices suppressing growth rates. Independent passenger vehicle manufacturers comprehensively led the market in 2026. Major automakers were generally weak in April, with independent brands exceptionally strong and joint venture automakers performing weakly. BYD Company Limited led, Chery Automobile ranked second, and Geely Automobile maintained its position in the top three in April, with the scale of the top three becoming increasingly close. Joint ventures like FAW-Volkswagen and SAIC Volkswagen performed relatively sluggishly. The camp of major passenger vehicle manufacturers is rapidly diverging. Companies focused on exports and those centered on NEVs performed strongly. The performance divergence among joint ventures was particularly evident, with Toyota performing strongly.
5. Production and Sales Trends for New Energy Passenger Vehicle Manufacturers Total sales of new energy passenger vehicles by manufacturers in April 2026 were 1.22 million units, a year-on-year increase of 8%. From January to April 2026, total sales were 3.96 million units, a year-on-year decrease of 1%. At the beginning of 2026, pressure from scrappage and renewal subsidies was high, manufacturers resisted price cuts, and NEV demand was weak before the Spring Festival. The domestic NEV trend in 2026 faced significant pressure from sluggish demand. BYD Company Limited maintained its first position in 2026, but plug-in hybrid growth faced considerable pressure. Chery and Leapmotor showed relatively strong NEV growth.
6. Production and Sales Trends for Traditional Internal Combustion Engine Passenger Vehicle Manufacturers Sales of traditional fuel-powered passenger vehicles (narrow definition) in 2025 were 14.22 million units, a year-on-year decrease of 5%. From January to April 2026, sales were 4.02 million units, a decrease of 10%. With high oil prices, the market trend for traditional fuel vehicles remained weak in 2026. Supported by exports, the overall performance of fuel vehicles in 2026 diverged, with independent brands performing exceptionally strongly and joint ventures rapidly weakening.
7. Production and Sales Classification Trends for Bus Manufacturers Total cumulative bus sales for the full year of 2025 were 920,000 units, with a cumulative growth rate of 15%. From January to April 2026, total bus sales were 250,000 units, a year-on-year decrease of 15%. The pulling effect from exports and new energy logistics vehicles was moderate. Following the year-end push in 2025, the bus market trend relatively retreated in 2026. Leading manufacturers like SAIC Maxus maintained relatively strong overall sales in recent months, while SAIC-GM-Wuling performed averagely. Market demand for logistics light buses and microvans fluctuated significantly, with exports making a huge contribution. In 2026, Jiangling Motors and SAIC Maxus showed good commercial vehicle trends. In April, Foton, Jiangling, and Yutong experienced relatively large month-on-month recoveries.
8. Production and Sales Classification Trends for Truck Manufacturers Truck sales in 2025 were 3.72 million units, with a cumulative growth rate of 11%. From January to April 2026, truck sales were 1.35 million units, a year-on-year increase of 8%, forming an exceptionally strong growth trend at the beginning of the year. The performance divergence among major truck manufacturers in 2026 was relatively obvious. Leading truck manufacturers performed strongly, with companies like Foton, FAW, Wuling, and Jiangling experiencing explosive year-on-year growth compared to April last year. Heavy-duty trucks saw explosive growth in 2026, with pure electric heavy-duty trucks performing very strongly. FAW, Shaanxi Automobile Group, and Sinotruk showed strong growth, and the industry structure remained relatively stable.
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