The China Passenger Car Association (CPCA) has stated that passenger vehicle retail sales in China are expected to amount to 1.52 million units in March this year, up 9.9 percent month on month, while down 21.6 percent year on year.
In particular, new energy vehicle retail sales in China are likely to reach 950,000 units, up 12.0 percent month on month, with the market penetration rate of NEVs standing at around 62.5 percent in May, standing above 50 percent again, signaling NEVs have still been the primary driving force behind the market recovery. Consumers’ expectations for car purchases have become more rational, and the auto market is undergoing a moderate recovery.
