Passenger vehicle retail sales in China are estimated to have amounted to 2.27 million units in December this year, up 9.3 percent month on month, while up 4.8 percent year on year, according to the China Passenger Car Association (CPCA).
Meanwhile, the passenger new energy vehicle (NEV) retail sales in China are expected to have reached 940,000 units in December, up 11.8 percent month on month, while up 46.6 percent year on year, with the penetration of the market by NEVs reaching 41.4 percent in the given month.
Moreover, the passenger NEV sales in 2023 will amount to 7.75 million units, up 36.5 percent year on year, while passenger vehicle sales will likely reach 21.62 million units, up 5.2 percent year on year, with the penetration of the market by NEVs reaching 35.8 percent in the given year, which will be 8 percentage points higher than that in 2022.