[April Passenger Car Retail Sales Up 14.5% YoY] The China Passenger Car Association (CPCA) released its analysis of the national passenger car market for April. Data showed that nationwide retail sales of passenger cars reached 1.755 million units in April, up 14.5% YoY. Among them, retail sales of passenger new energy vehicles (NEVs) in April totaled 905,000 units, up 33.9% YoY. From the market perspective in April, NEVs, with a penetration rate of 51.5%, became the main driver of growth, and the "trade-in" policy has spurred 70% of private car purchases to upgrade. Notably, the domestic retail market share of domestic brands surged by 8 percentage points in April. The CPCA pointed out that the comprehensive lead of domestic brands reflects the model innovation of domestic brands in 2025, ranging from product competitiveness to channel management, which continues to gain user support and recognition.