May Auto Market Outlook Narrow Passenger Car and New Energy Predictions

TapTechNews May 23rd news, TapTechNews learned from the official WeChat account of the Passenger Car Association that in May, the retail market of narrow passenger cars is expected to be about 1.65 million (about 1.0256 million in US units) or so, a decrease of 5.3% compared to last year and an increase of 7.5% compared to last month. The retail of new energy is expected to be about 770,000 (about 503,200 in US units) or so, with a growth rate of 13.7% and a year-on-year growth rate of 32.7%, and the penetration rate is expected to further increase to 46.7%.

The data previously shown by the Passenger Car Association shows that in April, the retail of narrow passenger cars was 1.535 million (about 1.0044 million in US units), a decrease of 5.5% year-on-year and a decrease of 9.2% month-on-month, which is weaker than the general seasonal performance. The retail sales of the new energy market was 677,000 (about 444,400 in US units), with a year-on-year growth rate of 29.0% and a penetration rate of 44.1%.

The Passenger Car Association said that the traditional manufacturers generally performed less than expected in the first half of May Day, and successively introduced promotional policies after the holiday. The price of the fuel vehicle market further declined, and it is expected to recover by the end of May. The new energy market is steadily exerting its strength, which constitutes a strong support for the May auto market.