China’s locally-made PV retail sales anticipated to grow 11.2% YoY in Feb. 2022: CPCA

Shanghai (Gasgoo)- China's retail sales of locally-produced passenger vehicles (merely including cars, SUV, and MPVs) are anticipated to reach 1.3 million units in Feb. 2022, growing 11.2% year on year, according to the China Passenger Car Association (CPCA).

The daily PV retail sales reached around 26,000 units on average for the first week of February, tumbling 55% from the year-ago period, while the volumes for the second and third weeks grew 13% and 67% from a year earlier to 26,000 and 47,000 units respectively, according to the data offered by main automakers in China and compiled by the CPCA.

The association said the average daily PV retail sales were likely to be around 80,000 units for the fourth week of February, jumping 30% compared to the year-ago period.

Despite the sporadic and cluster COVID-19 cases, the automobile production and consumption still recovered at a faster-than-expected pace after the Spring Festival holiday, said the CPCA. Meanwhile, the inventory structure for dealerships was further improved thanks to automakers’ vigorous efforts for car wholesale business. Those factors all helped the PV market in China represent an overall good momentum for growth in February.

As for the new energy vehicle (NEV) sector, prices of many hotter-selling NEV models were lifted in the beginning of this year due to the subsidy decline. However, the influence was limited. The association predicted that the NEV market will still post a three-digit year-on-year growth rate in Feb. sales with a market share of nearly 20%.