Cui Dongshu: In April, the price reduction scale of 13 passenger cars, with the promotion of new energy vehicles, rose to a high of 10.9%.

Cui Dongshu stated in an article that since 2025, both promotions and price reductions in the national passenger vehicle industry have returned to rationality, and the market order has significantly improved. Due to the reinstatement of the purchase tax on new energy vehicles, the impact of the guidance price on consumer vehicle purchase taxes has been reflected. In 2026, the number of price reductions was 56 models, 12 fewer than the same period, including a decrease in conventional fuel vehicles by 25 models, an increase of 8 compared to the same period; hybrid fuel vehicles decreased by 3 models, remaining the same as the same period; plug-in hybrid fuel vehicles decreased by 9 models, 4 less than the same period; extended range vehicle models decreased by 3, 2 less than the same period; pure electric vehicle models decreased by 16, 14 less than the same period. In April 2026, the number of price reductions was 13 models, 1 less than the same period. Among them, there were 2 hybrid vehicle models, 2 more than the same period, and 4 pure electric vehicle models, 1 less than the same period. In April 2026, the promotion of new energy vehicles rose to a medium-high level of 10.9%, the same as the previous period, and a slight increase of 0.3% from the previous month. Promotions have been stable in recent months, with restrictions on price reductions and the promotion of new models such as 7-year low interest rates pushing the promotion system to recovery, maintaining a normal promotion level at a medium-high level. In April 2026, the promotion of traditional fuel vehicles decreased to a level of 22.1%, a slight decrease of 0.6 percentage points from the previous month and a slight decrease of 0.1 percentage points from the same period. The promotion of traditional fuel vehicles has been maintained at around 23% for nine consecutive months. The promotion of traditional fuel vehicles began to increase slightly in September 2025, with moderate intensity, and gradually decreased due to the large price reductions in 2026. From January to April 2026, the average price reduction for new energy vehicles was 3.4 million yuan, with an average percentage reduction of 13.3%. In April 2026, the average price reduction for new energy vehicle models was 2.3 million yuan, with an average percentage reduction of 11.1%. From January to April 2026, the average price reduction for conventional fuel vehicle models was 3.4 million yuan, with an average percentage reduction of 14.6%. In April 2026, the average price reduction for conventional fuel vehicle models was 2.3 million yuan, with an average percentage reduction of 17.2%. From January to April 2026, the average price reduction for new car models in the overall passenger vehicle market was 25.2 million yuan, with an average percentage reduction of 13.7%. In April 2026, the average price reduction for new car models in the overall passenger vehicle market was 18.6 million yuan, with an average percentage reduction of 12.3%. Overall, price reductions have been tracked as follows: 1. Monthly price reduction tracking In terms of the pace of price reductions, there were many price reductions in 2023, and in March-April 2024, the price reductions reached a very strong level. In 2025, some car companies had seasonal combination promotions in the spring and autumn, with their prices including factors such as subsidies, without clearly announcing a reduction to a new price. Therefore, these have only been treated as promotions for now and are not included in the category of price reduction models for that year, which will be reflected in the promotion level below. Facing the reshaping of the price system, 18 models reduced prices in March 2026, and 13 models in April 2026, compared to 39 models from the same period the previous year. The market has remained relatively restrained in March-April this year. 2. Analysis of minimum prices for car models The reductions in enterprise prices were smaller in 2020-2021, stronger in 2022-2024, and reached 177 models in 2025, with relatively active new car price reductions in January 2026. Due to factors such as the Spring Festival, the number of price reductions significantly decreased in February, rose to 18 in March, and decreased to 13 in April. Due to the intense market pressure, the main competition in prices now is for new cars to break through the previous price lower limit directly, rather than increasing configurations without reducing prices. Regarding the taxation of new energy vehicle purchases, there were more models with direct price reductions from January to April 2026, allowing for a return of inflated guidance prices and a more rationalization of consumer tax costs. By April 2026, the total number of price-reduced models had increased, mainly due to the reorganization of luxury car prices. In April 2026, there were 56 reductions in price, 12 fewer than the same period, including 25 reductions in conventional fuel vehicles, an increase of 8 from the same period; 3 reductions in hybrid fuel vehicles, remaining the same as the same period; 9 reductions in plug-in hybrid fuel vehicles, 4 fewer than the same period; 3 reductions in extended range vehicle models, 2 fewer than the same period; 16 reductions in pure electric vehicle models, 14 fewer than the same period. In April 2026, there were 13 reductions in price, 1 fewer than the same period, including 2 hybrid vehicle models, 2 more than the same period, and 4 pure electric vehicle models, 1 fewer than the same period. 3. Overall price reduction magnitude From January to April 2026, the average price reduction for new energy vehicle models was 3.4 million yuan, with an average percentage reduction of 13.3%. In April 2026, the average price reduction for new energy vehicle models was 2.3 million yuan, with an average percentage reduction of 11.1%, a relatively high level. From January to April 2026, the average price reduction for conventional fuel vehicle models was 3.4 million yuan, with an average percentage reduction of 14.6%. In April 2026, the average price reduction for conventional fuel vehicle models was 2.3 million yuan, with an average percentage reduction of 17.2%. From January to April 2026, the average price reduction for new car models in the overall passenger vehicle market was 25.2 million yuan, with an average percentage reduction of 13.7%. In April 2026, the average price reduction for new car models in the overall passenger vehicle market was 18.6 million yuan, with an average percentage reduction of 12.3%. 4. Changes in import car prices Due to a significant change in the competitive landscape of the high-end market and a severe deterioration in market conditions, gradually, price-reduced models have appeared. In order to protect the interests of dealers and consumers, brands such as BMW have begun adjusting their guidance prices, and the actual transaction prices have remained relatively stable. Car market promotion tracking With minor growth in promotion efforts for new energy vehicles In April 2026, the promotion rate of new energy vehicles rose to a medium-high level of 10.9%, remaining the same as the previous period and increasing by 0.3% from the previous month. In recent months, promotions have been relatively stable, with the promotion system shifting toward recovery due to constraints on price reductions and the push for new promotion modes such as 7-year low interest rates. The current promotion level remains at a medium-high level. Trends in fuel vehicle promotions are gradually decreasing In April 2026, the promotion rate of traditional fuel vehicles decreased to 22.1%, a decrease of 0.6 percentage points from the previous month and 0.1 percentage points from the same period. Fuel vehicle promotions have been maintained at around 23% for nine consecutive months. The promotion of traditional fuel vehicles began to increase slightly in September 2025, with moderate intensity. In 2026, due to the large price reductions, promotions have gradually declined. Substantial decrease in promotion trends for luxury cars In April 2026, promotions for luxury cars gradually reached a level of 24.0%, a decrease of 1.9 percentage points from the previous month and 1.8 percentage points from the same period. Although consumption upgrades have driven strong demand for high-end vehicles, promotion efforts have decreased since May 2025, with significant price reductions at the beginning of 2026 leading to a decline in promotions, with minimal change in actual transaction prices. Stable trends in promotion for mainstream joint venture cars In April 2026, the promotion rate for joint venture fuel vehicles gradually reached a low of 22.4%, a decrease of 0.1 percentage points from the previous month and an increase of 0.5 percentage points from the same period. There has been a slight increase in joint venture promotions recently. The promotion of joint venture fuel vehicles has increased from a low of 13% in 2023 to a peak of 23.3% in September 2025, with minor fluctuations over the past three months due to strong price reductions for new cars. Overall, the promotion intensity has remained relatively stable with a slight increase. Stable trends in promotion for self-owned fuel vehicles Due to the strong performance of self-owned new energy vehicles and good exports of fuel vehicles, promotions for self-owned fuel vehicles have remained stable overall. In April 2026, promotions for self-owned fuel vehicles gradually reached a middle level of 18.6%, an increase of 1.1 percentage points from the same period. Promotion rates for self-owned car companies increased rapidly in the first half of 2024-2025, and have remained stable since the second half of 2025. Relatively moderate promotion effort tracking for different power promotions Due to the return of guidance prices from some brands due to price reductions, the promotion intensity has diminished. Conventional fuel and hybrid fuel promotions in 2026 faced relatively little pressure, while promotions for new energy vehicles saw a significant decrease in model promotions due to price reductions. Overall, pure electric promotions remained relatively moderate in April, with a 2.6 percentage point increase compared to the same period. Plug-in hybrid promotions fluctuated significantly this year, with a 2.4 percentage point increase in April compared to the same period, and a 0.2 percentage point increase month-on-month. Extended range vehicle promotions increased by about 2.8 percentage points in April 2025, and hybrid power promotions increased by about 2.3 percentage points in April 2025, with an increase of about 0.5 percentage points from the previous month. Overall, the car market promotions in April were relatively stable, with dealers maintaining stable promotions to protect profits. Currently, promotions for European brands are relatively high, while other joint venture car companies have promotions of around 24%, with little difference. Self-owned car companies are promoting the least. Tracking specific reduced price models - April New energy cars reduction analysis In April 2026, the reduction in new electric vehicle models appeared significant, especially with some models showing reductions of around 20%, but the actual impact on non-mainstream models is minimal. Despite the large scale of 10% promotion for new energy vehicles in April 2026, the price reductions for normal models are not a significant problem. The price reductions for plug-in hybrid and extended range vehicle models in April 2026 were relatively moderate, as some have good sales. Fuel car price reduction analysis In April 2026, the reduction in new fuel vehicle models was significant, with many models breaking the lower limit of the guidance price without announcing a reduction. The average price reduction for fuel cars was relatively low, with a high reduction in new car prices. The reduction of fuel car prices has led to changes in price inversion, and the substantial return of guidance prices has not received much attention. (Note: Some parts have been condensed for brevity)