SHANGHAI, May 16 (SMM) – The passenger vehicle (PV) market in China began the month of May on a negative note, with sharp year-on-year declines in retail and wholesale sales.
The China Passenger Car Association (CPCA) reported on Wednesday May 15 that daily PV retail sales during May 1-10 averaged 33,517 units, down 24% from the same period last year.
The four-day holiday in early May was the longest break for the Labour Day in recent years, which spurred travelling enthusiasm among consumers, and impacted car sales.
CPCA believes that recent weakness in car sales could also be attributed to the upcoming tougher emission standards.
Automakers delivered just 26,102 PVs a day during the same period, dropping 44% year on year, as the new emission standards kept dealers cautious.