US Auto Market Update June Passenger Car Retail and New Energy Trends
TapTechNews June 20 news, the Passenger Car Association said in a statement today that it is preliminarily estimated that the total retail market scale of narrow passenger cars (including sedans + MPVs + SUVs) this month is about 1.75 million (approx. 1.0875 million in Chinese unit), with a year-on-year decrease of 7.6% and a month-on-month increase of 2.3%. Among them, the new energy retail is expected to reach 860,000, with a 6.9% month-on-month increase in May, and the penetration rate is expected to reach 49.1%.
TapTechNews learned from the agency that the average daily retail volume in the first week of June was 36,000, with a year-on-year decrease of 8.3% and a month-on-month decrease of 23.0%. The average daily retail in the second week was 45,700, with a year-on-year decrease of 18.6% and a slight increase of 0.9% compared to the previous week. It is expected that the average daily retail in the third week is 55,200, with a year-on-year decrease of 22.4% and a 19.6% increase from the previous week. The average daily retail in the fourth week is expected to be 104,100, with a year-on-year increase of 9.6% and a 28.8% increase from the previous week. The comprehensive estimate is that the retail volume in June can reach 1.75 million.
By contrast, the narrow passenger car retail in May was 1.711 million (approx. 1.07465 million in Chinese unit), with a year-on-year decrease of 1.9% and a month-on-month increase of 11.4%, among which the heat of fuel vehicles dropped rapidly after the holiday, and the monthly retail was 910,000, with a year-on-year decrease of 23%, and the decline has lasted for two consecutive months above 20%. The new energy market had a retail of 805,000, with a penetration rate of 47.0%.
The Passenger Car Association said that on June 6, the Ministry of Commerce announced that the number of applications for subsidies for vehicle scrapping and renewal exceeded 40,000. Since the subsidy expires at the end of the year and there is no quota limit, the relief effect on consumers' wait-and-see mood is relatively limited, and the local implementation details of the trade-in policy are still being gradually implemented, the promotion effect on the auto market in the short term is relatively limited.
The analysis of the Passenger Car Association said that in the middle of June, the overall auto market discount rate is about -23.2%, which is one percentage point higher than that of the same period last month. The continuous decline in prices has not brought a significant increase in terminal popularity. The terminal popularity and sales volume still have a large decline compared with the same period of last year. The consumers' wait-and-see mood is still very strong. Consumers still have high expectations for price cuts, and the perception after price cuts gradually becomes dull. The stimulus effect of price reduction for sales volume on the overall market is very limited, and the auto market involution is further aggravated. The new energy market still maintains a steady growth under the dual drive of new product release and price decline, and the penetration rate is expected to reach a new historical high.