CPCA data showed China’s passenger vehicle retail sales fell 24% year-on-year to 989,000 units during May 1–24, although sales rose 10% compared with the previous month. Cumulative retail sales since the start of the year reached 6.594 million units, down 19% year-on-year. Compared with the same period last year, the intensity of concentrated end-of-month sales pushes has cooled noticeably. Weekly sales volume and growth rates in May 2024, 2025, and 2026 Pressure on the wholesale side also increased. During May 1–24, passenger vehicle wholesale volume totaled 1.11 million units, down 13% year-on-year and down 1% month-on-month. Year-to-date wholesale volume reached 9.086 million units, down 7%. Recent increases in raw material prices, elevated oil prices, supply-chain cost fluctuations, and ongoing anti-price-war measures have all affected automakers’ production and sales rhythms. In contrast, new energy vehicles (NEVs) remained the core support of China’s auto market. NEV passenger vehicle retail sales reached 619,000 units during May 1–24, down 11% year-on-year but up 13% month-on-month, with NEV penetration rising to 62.5%. During the same period, NEV passenger vehicle wholesale volume reached 705,000 units, down 1% year-on-year but up 13% month-on-month. Weekly wholesales volume and growth rates in May 2024, 2025, and 2026 NEV penetration in wholesale sales climbed further to 63.6%, exceeding the retail penetration rate. On a cumulative basis, China’s NEV retail sales reached 3.377 million units year-to-date, down 16% year-on-year, while cumulative NEV wholesale volume totaled 4.659 million units, down 1%. On the production side, internal combustion engine vehicle capacity continued to shrink. During the first four weeks of May, output of gasoline-powered light vehicles fell 45% year-on-year to 396,000 units and declined 32% from the same period last month. Meanwhile, production of hybrid and plug-in hybrid vehicles totaled 278,000 units during the same period, down 18% year-on-year and down 1% month-on-month. According to a survey report released by the CPCA last week, leading automakers accounting for more than 70% of total market sales are targeting around 10% month-on-month retail growth in May. China’s narrow passenger vehicle retail sales in May, projected by CPCA Based on terminal market estimates, the CPCA expects China’s narrow passenger vehicle retail sales to reach around 1.52 million units in May, up 9.9% month-on-month. NEV retail sales are projected to reach around 950,000 units, with penetration remaining around 62.5%.
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