China’s passenger vehicle retail sales are forecasted to reach 1.241 million units in January this year, down 41 percent year on year, while declining by 43 percent month on month, according to the China Passenger Car Association (CPCA).
The wholesale sales of passenger vehicles of China in January will amount to 1.341 million units, down 38 percent year on year, while falling by 40 percent month on month.
According to the CPCA, new energy vehicle sales have reached a bottleneck. In 2023, the growth in NEV sales may encounter obstacles. For instance, the top NEV producer Tesla has cut its sales prices, resulting in prevailing wait-and-see sentiments among consumers, which has also exerted a negative impact on passenger vehicle sales.