Passenger vehicle retail sales in China in May this year amounted to 1.623 million units, up 1.0 percent year on year, while up 3.0 percent compared to May 2019, according to the China Passenger Car Association (CPCA).
Cui Dongshu, secretary of the China Passenger Car Association (CPCA), said that the steady economic development in China this year has bolstered consumption in the vehicle market. At the same time, the Labor Day holiday exerted a positive impact on vehicle sales.
In the January-May period this year, passenger vehicle retail sales in China reached 8.364 million units, up 38.1 percent year on year, recording the highest growth in a month of May since 2011. Mr. Cui said that the rapid growth in new energy vehicle sales contributed to the high growth in overall passenger vehicle retail sales.
The CPCA has adjusted its expectation for annual new energy passenger vehicle sales this year from 2.2 million units in April to 2.4 million units amid the strong growth in NEV sales. For instance, new energy passenger vehicle sales in May totaled 185,000 units, up 177.2 percent year on year, while rising by 17.4 percent month on month.