China’s locally-made passenger vehicle retail sales likely to dip 7.6% YoY in June 2024: CPCA

Shanghai (Gasgoo)- China's domestic passenger vehicle ("PV") retail sales are anticipated to reach 1.75 million units in June 2024, which should climb 2.3% from the previous month, but drop 7.6% from the previous year, according to the China Passenger Car Association ("CPCA").

The outlook for new energy vehicle (NEV) manufacturers remains optimistic, with June's NEV retail sales expected to reach 860,000 units in China, a 6.9% increase from May. The NEV penetration rate is anticipated to hit a new high of 49.1%.

For clarity, the passenger vehicles hereby refer to the cars, SUVs, and MPVs locally produced in the world's largest auto market.

In June, the first week included the full Dragon Boat Festival holiday, causing a slight delay in delivery schedules compared to the same period last year. Average daily retail sales were 36,000 units for the week, down 8.3% year on year and 23% month on month.

Average daily retail sales amounted to 45,700 units in the second week of June, a decrease of 18.6% year-on-year but a slight increase of 0.9% month-on-month.

In the third week, boosted by the "618" shopping festival, manufacturers intensified their promotional efforts, leading to a recovery in market activity. Average daily retail sales are expected to be 55,200 units in the week, down 22.4% year-on-year but up 19.6% month-on-month.

For the fourth week, considering manufacturers' efforts to meet semi-annual targets and quarterly financial reports, average daily retail sales are projected to reach 104,100 units, an increase of 9.6% year-on-year and 28.8% month-on-month.