National Passenger Vehicle Industry Inventory Reached 3.54 Million Units at April Month-End

Ford Motor Company announced that it will launch a comprehensive product and technology strategy in Europe over the next three years. Under this new strategy, its FordPro division will transform from a pure automaker into a productivity partner, leveraging software and services to maximize returns. Ford plans to launch five all-new passenger vehicles in Europe by the end of 2029, all manufactured in Europe.

On May 20, data from South Korea's Ministry of Trade, Industry and Energy showed that total automobile exports in April reached $6.17 billion, down 5.5% compared to the same period last year. Among them, exports to North America, Latin America, and Oceania were up 2.4%, 23.7%, and 20.1% YoY respectively, but due to the ongoing war between the US and Iran, exports to the Middle East plunged 38.7%; exports to the EU and Asia declined 13.1% and 31.7% respectively. The data also showed that due to disruptions in some auto parts supply chains and consumers waiting for new and facelifted versions of major car models to launch, China's automobile production fell 6.1% YoY to 362,000 units.

On May 20, Cui Dongshu, Secretary General of the CPCA (China Passenger Car Association), stated that looking ahead, as automakers ramp up sales promotions and the volume push window opens in late May, retail sales are expected to rebound again, with the monthly YoY decline likely narrowing compared to the first ten days of the month. Meanwhile, the market divergence trend will continue, with new energy vehicles and low-priced entry-level car models still expected to outperform traditional internal combustion engine vehicles and mid-to-high-end joint venture brands.