SALES ANALYSIS OF CHINESE AUTO MARKET IN MAY 2024
时事
汽车
2024-06-20 17:30
北京
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China's passenger vehicle sales showed signs of recovery in May as consumer sentiment picked up, partly due to government subsidies. However, the market still experienced a year-on-year sales decline, mainly driven by declining sales of joint venture carmakers.
According to data released by the China Passenger Car Association (CPCA), retail sales of passenger vehicles reached 1.71 million units in May, representing a 1.8% decrease compared to the same period last year, but an 11.8% increase compared to the previous month. From January to May, the market recorded a 5.7% YoY growth rate. Retail sales of new energy vehicles (NEVs), including electric and plug-in hybrids, remained strong, with 804,598 units sold in May, making up 47% of all passenger car sales.In this report, Infoturbo provides an overview of the sales for each segment in the Chinese car market in May 2024. Take a look!
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China's passenger vehicle sales rebounded in May from the previous month, partly driven by government subsidies introduced at the end of April for replacing old cars with new ones, which sparked significant consumer demand. The adjustment of the preferential purchase tax policy for NEVs also contributed to the market's performance, along with the release of new models and the ongoing price war among carmakers.
Chinese automakers experienced robust YoY sales growth thanks to their strong competitiveness in the NEV market. In contrast, joint venture automakers saw sales plummet by 20.8% compared to the same period last year, mainly impacted by weak sales of fuel vehicles.
In June, China's passenger car market sales are expected to continue to show a downward trend, but the decline may narrow. NEV sales will continue to grow, albeit at a slower rate, while sales of fuel vehicles will continue to decline. Given this, carmakers should pay close attention to market dynamics and changes in consumer demand, and formulate corresponding strategies to cope with market challenges.
Note:
This is the ESSENCE version of our May sales report, for the FULL version, please leave your e-mail address below and we will contact you as soon as possible.
Infoturbo (previously known as NewsTurbo) is China's first English-language automotive news WeChat account that offers sophisticated insights into the industry, with a focus on the government's auto industry policies, and the latest tech trends like car sharing, connectivity, electrification, and autonomous driving.
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