- In May, China's passenger NEV retail sales are expected to be 980,000 units, with penetration at around 52.9 percent.
- China's overall passenger vehicle retail sales in May were around 1.85 million units, up 8.5 percent year-on-year.
China's new energy vehicle (NEV) retail sales are expected to see both year-on-year and sequential growth this month, after declining sequentially in April.
In May, retail sales of passenger NEVs in China are expected to stand at 980,000 units, with a penetration rate around 52.9 percent, the China Passenger Car Association (CPCA) said in a May 23 report.
This represents a 22.99 percent year-on-year increase, up 8.29 percent from April, CnEVPost calculations show.
According to preliminary projections, China's overall passenger car retail sales in May would be around 1.85 million units, up 8.5 percent year-on-year and up 5.4 percent from the previous month, the CPCA said.
Many car companies offered discounts during the Labor Day holiday at the beginning of the month, and a number of local auto shows were held, leading to a release of demand for car purchases, the CPCA said.
Passenger car makers that contribute 80 percent of retail sales targeted an 8 percent year-on-year increase in retail sales for the month, the CPCA said.
The discount rate for the overall vehicle market in mid-May was around 24.8 percent, up 1.1 percentage points from 23.7 percent at the end of April.
China's average daily retail sales of passenger cars in the first week of May averaged 41,700 units, down 10.9 percent year-on-year while up 19.3 percent from the same period last month.
Average daily retail sales of passenger cars in week 2 were 60,900 units, up 30.2 percent year-on-year and up 44.2 percent from the same period last month.
Average daily retail sales of passenger cars in week 3 were 51,200 units, up 13.9 percent year-on-year and flat from a month earlier.
Average daily retail sales of passenger cars in Week 4 are estimated at 57,100 units, up 18.7 percent year-on-year but down 13.4 percent from a month earlier.
Average daily retail sales of passenger cars in week 5 are forecast at 86,400 units, down 6.2 percent year-on-year and down 21.7 percent from a month earlier.
