From June 1 to June 11, retail sales of all passenger vehicles in China were 425,000 units, down 10 percent year-on-year and down 25 percent from the same period last month.
(Image credit: CnEVPost)
The Chinese passenger car market was weak in the first two weeks of June, while the new energy vehicle (NEV) market performed slightly better.
From June 1 to June 11, retail sales of passenger NEVs in China were 160,000 units, up 18 percent year-on-year but down 4 percent from the same period last month, according to data released today by the China Passenger Car Association (CPCA).
So far this year, China's retail sales of passenger NEVs were 2,581,000 units, up 39 percent year-on-year.
From June 1 to June 11, wholesale sales of passenger NEVs in China were 144,000 units, up 18 percent year-on-year and up 3 percent from the same period last month, according to the CPCA.
Wholesale sales of passenger NEVs so far this year were 2,927,000 units, up 45 percent year-on-year.
From June 1 to June 11, retail sales of all passenger vehicles in China were 425,000 units, down 10 percent year-on-year and down 25 percent from the same period last month, the CPCA said.
So far this year, cumulative retail sales of passenger cars in China were up 3 percent year-on-year to 8.057 million units.
This means that from June 1 to June 11, the penetration of NEVs at retail in China was 37.6 percent, and 32.03 percent so far this year.
In the first week of June -- June 1-4 -- the average daily retail sales of passenger cars in China were 31,000 units, down 9 percent from a year ago and 42 percent lower than the same period last month.
In the second week of June -- June 5 to 11- - average daily retail sales of passenger cars were 43,000 units, down 10 percent year-on-year and down 14 percent compared to the same period in May.
The decline in sales in early June was mainly due to a high base from last year brought about by stimulus policies.
On May 31, 2022, China announced a 50 percent reduction in vehicle purchase tax for passenger vehicles of 2.0 liter and below displacement with a purchase date between June 1, 2022 and December 31, 2022 and with a vehicle price not exceeding RMB 300,000 ($ 41,900).
Before the policy took effect, China's purchase tax rate for internal combustion engine (ICE) vehicles was 10 percent, while the purchase of NEVs was exempt from purchase tax.
The stimulus policy left car sales high at the beginning of June last year, while the same period this year was a normal sales time, so a decline in sales is natural, the CPCA said today.
The CPCA did not release sales figures for specific car companies, but Li Auto shared some numbers yesterday.
Li Auto sold 11,900 units from June 1 to June 11, figures shared yesterday by the extended-range electric vehicle (EREV) showed. The company did not specify, though the figures are based on vehicle insurance registrations.
Tesla (NASDAQ: TSLA) sold 26,000 units in China from June 1-11, while Nio (NYSE: NIO) had 2,800 and Xpeng (NYSE: XPEV) had 2,200, according to Li Auto.
($1 = RMB 7.1573)
