China Passenger Vehicle Sales Rose in May, Led by NEVs

SHANGHAI, Jun 10 (SMM) -  According to the CPCA, China’s retail sales of passenger vehicles reached 1.35 million units in May, a year-on-year drop of 16.9%, but a month-on-month increase of 29.7%. As COVID infections in China gradually dwindled in May, more customers went to 4S stores, especially for luxury cars.

The strong driving force of the auto market in May was still new energy vehicles. The production of new energy vehicles reached 432,000 units in May, a year-on-year increase of 123.2% and a month-on-month increase of 46.8%; retail sales reached 360,000 units, a year-on-year increase of 91.2% and a month-on-month increase of 26.9%; wholesale volume reached 421,000 units, a year-on-year increase of 111.5%, and a month-on-month increase of 49.8%.