The China Passenger Car Association (CPCA) released its latest data, showing passenger vehicle retail sales reached 1.651M units in June, down 21% year-on-year, up 9% from May. Cumulative retail sales for the first six months totaled 8.75M units, down 20% from a year earlier, indicating the market remained under pressure despite sequential improvement. Weekly sales volume and growth rates in June 2024, 2025, and 2026 Weekly sales gained momentum throughout June. Average daily retail sales rose from 33K units in the first week to 54K units in the third week. The final week, traditionally the strongest period of the month, averaged 82K units per day, down 18% year-on-year, up 26% from the same period in May. Wholesale deliveries reached 2.376M units during June, down 4% year-on-year, up 7% month-on-month. Cumulative wholesale volume for 2026 reached 12.562M units, down 5%. The wholesale market also strengthened through the month. Average daily wholesale volume climbed to 153K units in the final week, up 5% year-on-year, up 18% from late May. Dealers continued to limit inventory buildup, keeping procurement relatively cautious amid uncertainty over future demand. New-energy vehicles remained the market’s main growth pillar. Retail sales of new-energy passenger vehicles reached 1.037M units in June, down 7% year-on-year, up 9% from May. NEV penetration climbed to 62.8% of total passenger vehicle retail sales. For the first six months, cumulative NEV retail sales reached 4.734M units, down 13% year-on-year. Wholesale performance remained stronger than retail. NEV wholesale deliveries reached 1.506M units in June, up 22% year-on-year, up 11% from May. NEVs accounted for 63.4% of total wholesale volume. Weekly wholesales volume and growth rates in June 2024, 2025, and 2026 Cumulative NEV wholesale deliveries reached 6.812M units in the first half, up 6% from a year earlier. The figures suggest automakers continue to build inventory at a steady pace, reflecting confidence in demand during the second half. Production data highlighted the accelerating shift away from conventional gasoline vehicles. Output of gasoline-powered light vehicles fell to 335K units in June, down 47% year-on-year, down 3% from May, marking a faster production decline. Hybrid and plug-in hybrid vehicle production totaled 247K units, down 17% year-on-year, up 2% month-on-month. The decline remained significantly smaller than that of pure gasoline vehicles. The CPCA attributed June’s weaker year-on-year performance to temporary factors: a high base from last year’s pre-subsidy rush, stable policy with no fresh stimulus, softer demand ahead of college exams, lackluster 618 spending, and the World Cup diverting consumer attention and discretionary spending.
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