Sunday, June 23, 2024

China’s passenger car sales grow in first five months

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Retail sales of passenger cars in China continued to increase in the first five months of 2024, with supportive policy measures serving to boost consumer spending, industry data showed Tuesday.

A total of 8.07 million passenger cars were sold via retail channels in China during the January-May period, an increase of 5.7 percent year on year, according to the China Passenger Car Association.

In May alone, retail sales of passenger cars in the country reached 1.7 million units. This figure was down 1.9 percent year on year but was 11.4 percent higher than the previous month.

The association attributed the solid performance of the auto market in the first five months to a number of factors, including the implementation of a trade-in policy, the Beijing auto show, and various supportive policies introduced at local levels, among others.

In addition, China’s retail sales of new energy vehicles (NEVs) soared by 38.5 percent year on year to 804,000 units in May, while NEV exports decreased by 4 percent compared with a year earlier to 94,000 units.

With more targeted pro-consumption policy measures, the consumption potential of trade-ins will be gradually released, which will be beneficial to the gradual strengthening of the auto market in the months ahead, the association said.

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