China's Passenger Car Retail Market Sees 9.9% Growth in May

According to Jin10, data from the China Passenger Car Association indicates that leading manufacturers, which account for over 70% of the market's total sales, have set a retail target for this month that is approximately 10% higher than the previous month, aligning with typical seasonal trends. Preliminary estimates suggest that the narrow passenger car retail market in May is around 1.52 million units, reflecting a 9.9% month-on-month increase. Among these, new energy vehicle retail sales are expected to reach approximately 950,000 units, marking a 12.0% rise from the previous month, with a penetration rate of about 62.5%. Consumer expectations for car purchases are becoming more rational, indicating a moderate recovery in the car market.