- NEVs continue to dominate China's passenger vehicle market, with retail penetration reaching 62.5% from May 1 to 24.
- Overall passenger vehicle retail sales in China stood at 989,000 units from May 1 to 24, down 24% year-on-year.
Retail sales of passenger new energy vehicles (NEVs) in China reached 619,000 units between May 1 and May 24, dropping 11% from a year earlier but rising 13% from the same period last month, data released Wednesday by the China Passenger Car Association (CPCA) showed.
Year-to-date, cumulative retail sales of passenger NEVs in China stood at 3.377 million units, down 16% year-on-year.
NEVs continue to dominate the Chinese passenger vehicle market. During the May 1-24 period, the retail penetration rate of passenger NEVs was 62.5%.
On the wholesale front, sales of passenger NEVs in China totaled 705,000 units in the first 24 days of May. This represents a slight 1% decline from a year ago, but a 13% increase from the same period last month.
Automakers' continued pivot toward new energy models is evident. The wholesale penetration rate of NEVs reached 63.6% from May 1 to 24, the CPCA said.
Cumulative wholesale shipments of NEVs so far this year reached 4.659 million units, down 1% year-on-year.
In contrast, the broader auto market remains pressured by sluggish demand. Overall passenger vehicle retail sales in China were 989,000 units from May 1 to 24, down 24% year-on-year while up 10% month-on-month.
Year-to-date, cumulative retail sales of overall passenger vehicles in China totaled 6.594 million units. This figure is down 19% compared to the same period last year.
In the first week of May (May 1-5), average daily retail sales of passenger vehicles in China were 30,934 units, down 26% year-on-year but up 26% from the same period in April.
In the second week of May (May 6-10), average daily retail sales were 50,536 units, dropping 17% year-on-year but surging 43% from the same period in April.
In the third week of May (May 11-17), average daily retail sales stood at 39,019 units, down 26% year-on-year but up 7% from the same period in April.
In the fourth week of May (May 18-24), average daily retail sales were 44,139 units, down 26% year-on-year and down 9% from the same period in April.
Wholesale shipments of passenger vehicles in China from May 1 to 24 totaled 1.11 million units, down 13% year-on-year and down 1% month-on-month.
From May 1-5, average daily wholesale shipments of passenger vehicles in China were 19,328 units, plunging 44% year-on-year and dropping 24% from the same period last month.
From May 6-10, average daily wholesale shipments were 44,728 units, down 8% year-on-year but up 29% from the same period last month.
From May 11-17, average daily wholesale shipments stood at 48,602 units, down 12% year-on-year and down 2% from the same period last month.
From May 18-24, average daily wholesale shipments were 64,199 units, down 5% year-on-year and down 5% from the same period last month.
Year-to-date, cumulative wholesale shipments of passenger vehicles in China were 9.09 million units, a 7% decline compared to the same period last year.
