China’s passenger car sales dropped 21.6% year-on-year
China’s passenger car sales fell 21.6% in April, marking a seventh consecutive monthly decline. The decline was driven by high oil prices, which hurt domestic demand.
Total passenger car sales dropped to 1.4 million vehicles in April. Despite the decline in domestic sales, EV and plug-in hybrid exports jumped 111.8% year-on-year.
The surge in exports was driven by Iran war-driven fuel cost pressures globally. China’s automakers found a growing outlet overseas, particularly for electric and plug-in hybrid vehicles.