China Passenger Car Association Passenger car retail sales exceeded 700,000 in the first two weeks of May, up 55% year-on-year
Passenger car retail sales in China surpassed 700,000 in the first two weeks of May, up 55% YoY
【PhoneAuto News】On May 18th, PhoneAuto learned that the China Association of Automobile Manufacturers (CAAM) announced the car sales situation for the second week of May (May 8th to May 14th) this year. The data shows that from May 1 to May 14, the retail sales of passenger cars in the market were 706,000 units, a year-on-year increase of 55%; the cumulative retail sales this year were 6.602 million units, a year-on-year increase of 3%; the national passenger car manufacturer wholesale was 553,000 units, a year-on-year increase of 30%; and the cumulative wholesale this year was 7.395 million units, a year-on-year increase of 8%.
Regarding new energy vehicles, from May 1st to May 14th, the retail sales of new energy vehicles in the market were 217,000 units, a year-on-year increase of 101%; the cumulative retail sales this year were 2.06 million units, a year-on-year increase of 41%; the national passenger car manufacturer new energy wholesale was 193,000 units, a year-on-year increase of 69%; and the cumulative wholesale this year was 2.108 million units, a year-on-year increase of 32%.
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CAAM pointed out that during the “May Day” period, some local governments and manufacturers provided temporary subsidies, and the “May Day” auto show also strongly promoted short-term market demand. This caused a surge in the market at the beginning of May, and it is expected that “May Day” orders will gradually be released, which is beneficial to the entire market in May.
It can be seen that under the joint promotion of the national and local consumption promotion policies and the recent offline activities such as auto shows, the overall active market atmosphere will accelerate the gathering of popularity. In addition, the demand growth during the “May Day” holiday, combined with the good consumption of car purchases, will help stabilize and repair the overall auto market.
In addition, in April 2023, the retail sales of passenger cars reached 1.63 million units, a year-on-year increase of 55.5%, and a month-on-month increase of 2.5%, which is also one of the only two times of month-on-month growth since 2010. Overall, the cumulative retail sales from January to April this year were 5.895 million units, a year-on-year decrease of 1.3%.
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