China's June retail sales of NEVs are set to be the second highest on record, further approaching last December's record high.
Retail sales of new energy vehicles (NEVs) in China are expected to continue to grow this month, further approaching the all-time high seen at the end of last year.
In June, retail sales of passenger NEVs in China are expected to be around 860,000 units, up 32.7 percent year-on-year and up 6.9 percent from May, according to estimates released today by the China Passenger Car Association (CPCA).
NEV penetration at retail in June is expected to be 49.1 percent, which is poised to be a new high, the CPCA said.
The CPCA is expected to release preliminary figures for June NEV sales early next month and final figures in the middle of next month.
If the CPCA's estimate turns out to be accurate, it would mean that China's June retail sales of NEVs would be the second highest on record, following the record 947,347 vehicles sold in December last year.
Survey shows that major automakers that contribute around 80 percent of passenger car sales have slightly increased their retail targets in June compared to the previous month.
According to preliminary projections, passenger car retail sales are expected to be around 1.75 million units in June, down 7.6 percent year-on-year but up 2.3 percent from the previous month, according to CPCA.
China's auto market saw a continuation of consumer enthusiasm in June, while car companies took advantage of the Dragon Boat Festival holiday as well as the June 18 shopping festival for promotions to push towards their half-yearly targets, the CPCA noted.
Prices in China's auto market went further down and overall competition intensified further, the CPCA said.
The average daily passenger car retail sales of major automakers in the first week of June were 36,000, 8.3 percent lower year-on-year and 23.0 percent lower than the same period in May.
This was mainly due to the fact that the first week included the entire Dragon Boat Festival holiday, resulting in a slight shift in the pace of vehicle deliveries backwards from the same period last year, the CPCA said.
They averaged daily retail sales in the second week of 45,700 units, down 18.6 percent from a year ago but up 0.9 percent from the same period last month.
Average daily retail sales in the third week are expected to be 55,200, down 22.4 percent from a year ago but up 19.6 percent from a month ago.
Average daily retail sales for the fourth week are expected to be 104,100 units, up 9.6 percent year-on-year and up 28.8 percent from the same period last month, given that automakers strive to meet their semi-annual and second-quarter earnings targets, according to the CPCA.
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