China’s Domestic Passenger Vehicle Retail Sales Expected to Decline in June 2024
Shanghai (Gasgoo)- According to the China Passenger Car Association (“CPCA”), China’s domestic passenger vehicle (“PV”) retail sales are projected to reach 1.75 million units in June 2024. This figure represents a 2.3% increase from the previous month but a 7.6% decrease from the same period last year.
The forecast for new energy vehicle (NEV) manufacturers is more positive, with NEV retail sales in June expected to reach 860,000 units in China, marking a 6.9% increase from May. The NEV penetration rate is set to achieve a new high of 49.1%.
It’s important to note that when we refer to passenger vehicles in this context, we are specifically talking about cars, SUVs, and MPVs that are locally produced in the world’s largest auto market.
During the first week of June, which included the Dragon Boat Festival holiday, there was a slight delay in delivery schedules compared to the previous year. The average daily retail sales for the week were 36,000 units, down 8.3% year-on-year and 23% month-on-month.
In the second week, average daily retail sales dropped to 45,700 units, representing an 18.6% decrease year-on-year but a slight 0.9% increase month-on-month.
The third week saw a market recovery due to the “618” shopping festival, with average daily retail sales expected to reach 55,200 units. This figure is down 22.4% year-on-year but up 19.6% month-on-month.
As manufacturers aimed to meet semi-annual targets and quarterly financial reports in the fourth week, average daily retail sales are projected to increase to 104,100 units. This marks a 9.6% increase year-on-year and a significant 28.8% increase month-on-month.
