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CPCA Expects CN May NEV Retail Sales 980K Units w/ Penetration Rate ~52.9%
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The China Passenger Car Association (CPCA) said in its outlook for the May auto market that, during the May Day Golden Week period, various car companies launched preferential policies for car purchases, coupled with local auto shows, resulting in a continuous release of terminal demand. The overall car market discount rate in mid-May was approx. 24.8%, according to the latest survey results. Leading automakers, which account for over 80% of the total market retail volume, set a retail sales target for the month with an annual growth of 8% and a monthly target growth of about 5%. Based on comprehensive estimations, the total retail sales of passenger vehicle in narrow sense in May would be approx. 1.85 million units, up 8.5% YoY and 5.4% MoM. Of which, the retail sales of NEV is expected to reach 980,000 units, maintaining a penetration rate of around 52.9%. AASTOCKS Financial News Website: www.aastocks.com |
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