Sales volume in the passenger car market continues to rise, with retail sales in May increasing by 28.6% year-on-year

According to data released by the China Association of Automobile Manufacturers, China continued to maintain growth in automobile production and sales on June 9. Car production this month was 2.333 million units, an increase of 9.4% compared to last month, and an increase of 21.1% compared to the same period last year. Car sales reached 2.382 million units in May, an increase of 10.3% compared with the previous month and an increase of 27.9% compared with the same period last year.

According to the editor’s understanding, from January to May this year, China’s automobile production and sales completed 10.687 million units and 10.617 million units respectively, a year-on-year increase of 11.1%. Automobile production and sales in May increased by 199,000 units and 223,000 units respectively from the previous month.

In addition, China’s passenger car market also continues to show growth. According to passenger car market analysis data, the retail sales of the passenger car market in May reached 1.742 million units, a year-on-year increase of 28.6% and a month-on-month increase of 7.3%. Since the beginning of this year, the cumulative retail sales of passenger cars have reached 7.632 million units, a year-on-year increase of 4.2%. The export volume of passenger cars in May was 302,000 units, a year-on-year increase of 64.0%.

It is particularly worth mentioning that the new energy vehicle market also achieved significant growth in May. The retail sales of the new energy vehicle market in May reached 580,000 units, a year-on-year increase of 60.9% and a month-on-month increase of 10.5%. The above are statistical data. A total of 2.421 million new energy vehicles have been retailed this year, a year-on-year increase of 41.1%. The retail penetration rate of new energy vehicles in the domestic market in May was 33.3%, an increase of 6.7 percentage points from the same period last year. The penetration rate of new energy vehicles among independent brands is 57.1%, the penetration rate of new energy vehicles among luxury cars is 23.0%, and the penetration rate of new energy vehicles among mainstream joint venture brands is 4.0%.

Passenger Car Association predicts that China’s passenger car exports will still maintain strong growth in June. As the delayed sales policy for National VI B models is clear, and various localities and car companies are rushing to sell in the final half-year period, it is expected that the month-on-month trend of car production and sales in June will be better. Recently, the product strength of launched models has steadily improved, resulting in more obvious sales differentiation. It is expected that in the next six months, the market performance of automobile companies will show a trend of accelerated differentiation.

Taken together, the continued growth in China's automobile production and sales shows the recovery trend of the automobile market. The growing sales volume of China's vehicle market and the development of new energy vehicles have helped promote the vigorous development of the automobile industry. It is expected that the automobile market will continue to develop upward in the future, thanks to the continuous efforts of various localities and automobile companies.

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