In May, it is estimated that there will be 173 million narrow passenger car retail sales and 580,000 new energy vehicle sales

May will have 173M narrow passenger car retail sales and 580K new energy vehicle sales

【PhoneAuto News】On May 24th, PhoneAuto learned from the China Passenger Car Association that the narrow-definition passenger car retail sales in May this year is expected to be 1.73 million units, with new energy vehicles expected to be 580,000 units.

Currently, the car market has started off well in May. The China Passenger Car Association pointed out that local car shows were held intensively during the May Day holiday, and the market maintained a relatively high level of enthusiasm. With the manufacturer’s high preferential efforts combined with local promotion fee policies, the market popularity and transaction volume were significantly better than the same period in previous years.

The China Passenger Car Association survey showed that the overall market discount rate for passenger cars in mid-May 2023 was around 16.9%, and the overall profit level was basically the same as last month, and the terminal price stabilized. Preliminary estimates show that the narrow-definition passenger car retail market in May is around 1.73 million units, with a month-on-month growth of 6.6% and a year-on-year growth of 27.7%. Among them, the retail sales of new energy vehicles are around 580,000 units, with a month-on-month growth of 10.5% and a year-on-year growth of 60.9%, and the penetration rate is about 33.5%.

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In early May, the Ministry of Industry and Information Technology and other five departments jointly issued a document, granting a six-month sales transition period for vehicles produced before July 1, 2023, and whose RDE test report results are only monitored. Regarding this policy, the China Passenger Car Association stated that the implementation of this policy effectively alleviated the pressure of manufacturers to clear non-RDE vehicle inventory, effectively avoided drastic market price fluctuations in the short term, and the seasonal trend of the car market tended to be stable.

Data shows that in April 2023, passenger car market retail sales reached 1.63 million units, a year-on-year growth rate of 55.5%, and a month-on-month growth of 2.5%, which is one of only two consecutive month-on-month growths since 2010. Overall, from January to April, cumulative retail sales were 5.895 million units, a year-on-year decrease of 1.3%. Among them, the new energy vehicle market retail sales in April were 527,000 units, a year-on-year growth of 85.6%; cumulative retail sales since the beginning of this year were 1.843 million units, a year-on-year growth of 36.0%.

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