China’s locally-made passenger vehicle retail sales likely to rise 1.8% YoY in 2022: CPCA

Shanghai (Gasgoo)- China's full-year passenger vehicle (PV) retail sales reached 20.7 million units in 2022, edging up 1.8% from the previous year, according to preliminary statistics data given by the China Passenger Car Association (CPCA) on Wednesday.

For clarity, the PVs mentioned above merely refer to the cars, SUVs, and MPVs locally produced in the world's largest auto market.

It is worth noting that the data issued yesterday were only the results from the association's preliminary sum. More abundant and accurate numbers will be released afterwards.

According to the CPCA's recent data, the PV wholesale volume in China is anticipated to jump 10% year over year to about 23.2 million units in 2022.

In terms of the monthly performance, there were around 2.425 million PVs retailed across China in Dec. 2022, representing a 15% year-on-year increase and a 47% month-on-month leap. In the same month, automakers in China recorded a combined PV wholesale volume of 2.273 million units, indicating a 4% drop from a year ago, but reflecting a 12% rise compared to Nov.

The CPCA noted the new energy vehicle (NEV) retail sales will in all likelihood hit a new high level in Dec. 2022 as dealers tried their best to clear inventories before the national subsidies exit.

Meanwhile, the association predicated that China's PV retail sales in 2023 would remain stable over the previous year partly due to the rebound in car purchase tax.