China’s homemade passenger vehicle retail sales likely to jump 25.8% YoY in Mar. 2023: CPCA

Shanghai (Gasgoo)- China's domestic passenger vehicle ("PV") retail sales are anticipated to reach 1.59 million units in Mar. 2023, which should jump 27.5% from the previous month and also grow 25.8% from the previous year, according to the China Passenger Car Association ("CPCA").

For clarity, the passenger vehicles hereby refer to the cars, SUVs, and MPVs locally produced in the world's largest auto market.

The daily PV retail sales for the first and second weeks of Mar. 2023 reached around 31,500 units and 36,700 units, sliding 16% and 18% from the previous year, respectively.

Due to the low base for the prior-year period, the third week of Mar. is likely to post a 10% year-on-year increase with about 40,800 PVs retailed across China per day averagely.

The CPCA also predicts China’s PV market would see a rebound in average daily retail sales for both the fourth and fifth weeks. 

In addition, the retail sales of new energy passenger vehicles in Mar. are forecasted to reach roughly 560,000 units, rising 25.8% year on year and 27.5% month on month, as well as representing a penetration rate of 35.2% in the PV market, the CPCA added.