- A steeper decline in the broader passenger car market pushed the NEV retail penetration rate to a record 63% in May.
- Plunging sales of traditional fuel vehicles continue to drag down the performance of China's overall auto market.
Retail sales of passenger new energy vehicles (NEVs) in China continued to decline year-on-year last month, despite a rebound from April, preliminary data from the China Passenger Car Association (CPCA) showed.
Retail sales of passenger NEVs in China stood at 974,000 units in May, down 5% from a year earlier, though up 15% from April, according to data released by the CPCA on Wednesday.
This marks the fifth consecutive month of year-on-year declines for China's NEV retail sales.
Cumulative retail sales of passenger NEVs for the year to date period reached 3.732 million units, a 14% drop compared to the same period last year.
China's overall passenger car retail sales totaled 1.545 million units in May, tumbling 20% year-on-year, although rising 12% from the previous month.
The steeper slump in the broader passenger car market drove the NEV retail penetration rate to a record 63% in May, up from 61.4% in April.
Year-to-date cumulative retail sales of passenger cars in China stood at 7.15 million units, down 19% from a year earlier, as the overall market continues to face pressure from insufficient demand.
In the first week of May (May 1-5), average daily retail sales of passenger cars were 30,934 units, down 26% year-on-year but up 26% from the same period in April.
In the second week (May 6-10), average daily retail sales were 50,536 units, down 17% year-on-year but up 43% month-on-month.
In the third week (May 11-17), average daily retail sales were 39,019 units, down 26% year-on-year but up 7% month-on-month.
In the fourth week (May 18-24), average daily retail sales were 44,139 units, down 26% year-on-year and down 9% month-on-month.
In the fifth week (May 25-31), average daily retail sales in the passenger car market were 79,411 units, down 13% year-on-year and edging down 2% month-on-month.
On the wholesale front, China's passenger NEV wholesale volume reached 1.365 million units in May, rising 12% year-on-year and 11% month-on-month.
Cumulative NEV wholesale volume for the year to date stood at 5.318 million units, up 2% year-on-year.
Overall passenger car wholesale volume in China was 2.232 million units in May, down 4% year-on-year but up 6% from the previous month.
The NEV wholesale penetration rate reached 61.1%, higher than the 58.0% recorded in April.
For May 1-5, the average daily wholesale volume of passenger cars was 19,328 units, plunging 44% year-on-year and 24% month-on-month.
For May 6-10, the average daily wholesale volume was 44,728 units, down 8% year-on-year but up 29% month-on-month.
For May 11-17, the average daily wholesale volume was 48,602 units, down 12% year-on-year and 2% month-on-month.
For May 18-24, the average daily wholesale volume was 64,199 units, down 5% year-on-year and 5% month-on-month.
For May 25-31, the average daily wholesale volume was 160,335 units, up 8% year-on-year but down 3% month-on-month.
Year-to-date cumulative wholesale volume of passenger cars in China totaled 10.21 million units, a 6% decrease compared to the same period last year.
Notably, production of pure internal combustion engine (ICE) light vehicles in China shrank drastically to 535,000 units in May, plummeting 45% year-on-year, highlighting the plight facing traditional fuel vehicles.
