China's Domestic Auto Sales Down 20% in April as NEVs Defy Gravity

In April 2026, China's total vehicle sales reached 2.526 million units, down 2.5% YoY, with passenger vehicle retail at 1.63 million units reflecting continued weak domestic demand. However, NEV sales bucked the trend with significant growth, and exports surged 74.4%. CAAM notes structural shifts are accelerating OEM transformation.