China's Passenger Car Market Update in May 2024

According to TapTechNews on June 5, data from the China Passenger Car Association shows that preliminary statistics show that the retail sales of passenger cars in May was 1.685 million units (about 0.1685 million units in U.S. terms), a year-on-year decrease of 3%, and a month-on-month increase of 10%. The cumulative retail sales so far this year is 8.052 million units, a year-on-year increase of 5%. The wholesale volume in May reached 2.01 million units, although the year-on-year growth rate was 0%, it increased by 3% month-on-month. So far this year, the cumulative wholesale volume of passenger cars in China has reached 9.56 million units, a year-on-year increase of 8%.

In terms of new energy vehicles, the retail sales in May reached 790,000 units (about 0.79 million units in U.S. terms), a year-on-year increase of 36%, and a month-on-month increase of 17%. The cumulative retail sales so far this year is 3.242 million units, a year-on-year increase of 34%.

From May 1 to 31 this year, the new energy wholesale of national passenger car manufacturers was 903,000 units, a year-on-year increase of 33%, and a month-on-month increase of 15%. The cumulative wholesale so far this year is 3.643 million units, a year-on-year increase of 31%. TapTechNews summarizes the top 10 new energy passenger car manufacturers' sales in May as follows:

BYD 330,488 units,

TESLA China 72,573 units,

Geely Automobile 58,673 units,

Changan Automobile 55,800 units,

GAC Aion 40,073 units,

Chery Automobile 39,413 units,

Ideal Automobile 35,020 units,

SAIC-GM-Wuling 33,872 units,

SERES 32,377 units,

Great Wall Motor 24,549 units.