- China's overall passenger car retail sales in December are projected to come in at about 2.3 million units, marking a year-on-year decline of 12.7 percent.
- Due to the widespread adjustments to trade-in subsidies in November, most manufacturers have adopted a neutral-to-conservative outlook for December sales.
The China Passenger Car Association (CPCA) expects China's new energy vehicle (NEV) retail sales this month to hit a record high, though growth will be less robust than in previous years' year-end periods.
In December, China's passenger NEV retail sales are projected to reach 1.38 million units, with a penetration rate around 60 percent, the CPCA said in a report released today.
China's overall passenger vehicle market is expected to see a decline in retail sales this month.
Preliminary estimates indicate passenger vehicle retail sales for December month are projected to came in at about 2.3 million units, a 3.4 percent increase month-on-month but a 12.7 percent decrease year-on-year, according to the CPCA.
December is traditionally a peak season for China's auto market, with manufacturers launching limited-time promotions to meet annual sales targets, the CPCA noted.
China NEV sales -- CPCA
The withdrawal of trade-in subsidies has intensified consumer wait-and-see sentiment. However, the market is gradually returning to normalized seasonal patterns, driven by year-end new car demand and expectations of an impending retreat of purchase tax subsidies, the CPCA said.
Affected by widespread adjustments to trade-in subsidies in November, most manufacturers hold neutral-to-conservative sales expectations for December.
The latest survey results indicate that leading manufacturers, accounting for nearly 80 percent of total sales, have set this month's passenger vehicle retail targets at levels similar to or slightly higher than November, the CPCA said.
During the first week of December, China's passenger vehicle daily retail sales averaged 42,000 units, down 32.3 percent year-on-year and down 7.8 percent month-on-month.
Week 2 saw daily retail sales average 67,000 units, down 16.8 percent year-on-year but up 8.8 percent month-on-month.
Week 3 is projected to average 73,000 units daily, down 15.2 percent year-on-year but up 4.6 percent month-on-month, according to CPCA.
Week 4 passenger vehicle daily retail sales are projected at 93,000 units, down 4.9 percent year-on-year and down 8.5 percent month-on-month.
Week 5 passenger vehicle daily retail sales are projected at 118,000 units, up 9.3 percent year-on-year but down 4.8 percent month-on-month.
