April's auto sales data presents a dual picture. On the wholesale sales chart, Chinese brands dominate, occupying eight of the top ten spots with strong momentum. On the retail sales chart, Chinese brands also hold six positions, remaining the main force. However, a clear "dividing line" emerges upon closer comparison of the two charts: the core market for Chinese brands is quietly shifting from domestic to "domestic + international." Meanwhile, joint venture brands, which once dominated the market, are facing pressure on both fronts—their domestic market share is continuously being squeezed, and they are largely absent from the export race.

In April, BYD recorded 314,000 wholesale sales but only 182,000 retail sales, a difference of 132,000 units. Chery had 241,000 wholesale sales versus a mere 66,000 retail sales, an even larger gap. Geely reported 235,000 wholesale sales and 152,000 retail sales, leaving a shortfall of 83,000 units. This "scissors gap" is not due to inflated figures but accurately points in the same direction—overseas markets. Data shows that total vehicle exports in April reached 901,000 units, a year-on-year increase of over 70%. Chinese brands are the absolute protagonists of this export wave. BYD, Chery, Geely, Great Wall, and SAIC Motor Passenger Vehicle are all rapidly expanding their volumes in overseas markets.

In other words, a Chinese brand's products now target two "markets": the domestic market is the foundation, while the international market is the growth driver. Wholesale sales encompass both domestic retail and exports, whereas domestic retail only reflects local performance. The larger the gap between the two, the higher the brand's reliance on overseas markets. This is not a weakness but rather a reflection of Chinese brands' globalization capabilities.

BYD is a typical example of "strength both at home and abroad." Its domestic retail sales of 182,000 units remain the highest in the industry, while its export volume is also substantial, with overseas production capacity and channel development accelerating. Chery represents a unique case of "going global first, then returning to the domestic market." Its overseas sales have long accounted for over 60% of its total, making it a leading brand in many developing markets. However, its domestic retail sales of only 66,000 units in April might be a cause for concern. While its overseas performance is strong, perhaps more effort is needed domestically.

Geely follows the most balanced path. With domestic retail sales of 152,000 units, it ranks second, and its overseas export growth is rapid. Its new energy vehicle penetration rate has exceeded 50% for three consecutive months. Through multiple brands like Zeekr, Lynk & Co, and Galaxy, it covers different market segments, demonstrating clear synergy between domestic and international operations. None of the three giants is "suffering"; they have simply chosen different rhythms and battlefields. While domestic market competition is fierce, each is managing the pressure in its own way.

Looking at the joint venture camp, FAW-Volkswagen reported 66,000 wholesale sales and 75,000 retail sales—retail exceeding wholesale indicates dealers are actively reducing inventory. SAIC Volkswagen had 46,000 retail sales, and GAC Toyota had 54,000, securing their places in the retail top ten. Notably, joint venture brands have almost zero export presence. Their global systems dictate that their Chinese factories primarily supply the local market, preventing them from flexibly using exports to balance production capacity like Chinese brands. This means joint venture brands face more direct pressure when domestic demand fluctuates.

However, this does not mean joint venture brands will "exit China." Market fluctuations over the past four months show the drawbacks of over-reliance on subsidies for new energy vehicles. Joint venture brands, with their absolute advantage in traditional fuel vehicles, could counter-attack leveraging this trend.

Leapmotor was the biggest surprise in April. With 71,000 wholesale sales and 57,000 retail sales, it entered the top ten on both charts, and its domestic growth rate was particularly impressive. It represents the "pragmatic" path among new automakers—eschewing excessive marketing and competing on product value and channel penetration. Furthermore, its cooperation with Stellantis has entered a substantive phase, with a European factory set to begin production within the year. This positions Leapmotor to become a new model for Chinese brands in "technology export + local production."

Tesla is another unique case. It reported 79,000 wholesale sales, with over 50,000 units destined for export. The role of its Shanghai factory has shifted from "producing for China" to "producing for the world." Its presence demonstrates that the competitiveness of China's automotive industry chain can now support the large-scale export of a top global brand.

April's export data set another record. More importantly, the structure of exports is changing—gradually shifting from past low-end models and less developed markets to mid-to-high-end models and penetrating mature markets like Europe. Moreover, BYD, Geely, and Great Wall have all launched models in Europe with relatively high price points. Does this indicate that our electrification and intelligent technology are gaining increasing recognition from overseas consumers?

The April wholesale and retail charts are not for comparing "who is worse off." Another perspective we need to see is that Chinese brands have consolidated their leading position domestically while opening a second front overseas. Although joint venture brands face pressure, they still possess deep roots and room for adjustment. Perhaps in the future automotive market, Chinese brands will find their advantage overseas, while foreign brands find theirs in China? It remains to be seen.