Passenger vehicle retail sales in China are estimated to have amounted to 1.547 million units in May this year, down 20.0 percent year on year, while increasing by 12.0 percent month on month, according to the analysis of the car market by the China Passenger Car Association (CPCA).
In the first five months this year, passenger vehicle retail sales in China are estimated to have totaled 7.15 million units, down 19.0 percent year on year.
According to the CPCA, NEV retail sales in China in May are estimated to have amounted to 974,000 units, down 5.0 percent year on year, while increasing by 15.0 percent month on month. In May alone, the market share of NEVs reached 63 percent, reaching a new historical high.
NEV retail sales in China are estimated to have totaled 3.732 million units in the first five months this year, down 14.0 percent year on year, with the market share of NEVs reaching 52.2 percent.
According to the CPCA, as automakers ramp up promotional efforts, retail sales are expected to rebound. Market divergence will continue, with NEVs and low-priced entry-level models likely to outperform traditional fuel-powered vehicles as well as mid-to-high-end joint venture brands.
