China’s passenger car sales fell again. According to the China Association of Automobile Manufacturers, passenger car sales in May fell 16.4% to 1.91 million, a decline for 11 consecutive months.
The decline is further expanded than in March and April.
In March of this year, passenger car sales fell by 5.2%. It is expected that sales will bottom out, but it fell further by 14.6% in April and expanded to 16.4% in May, indicating that the market contraction has not ended.
Passenger car sales plummeted. In addition to economic problems such as Sino-US trade friction, China will implement new emission standards in 2020, which will also curb buyer buying sentiment.
New energy vehicle sales continue to grow
In terms of new energy vehicles including electric vehicles and hybrid vehicles, sales in May increased by 1.8% to 104,000 units, continuing the recent uptrend.
In early June, the Chinese government announced measures to boost car sales, including the cancellation of restrictions on purchases and the encouragement of new energy vehicles.