China's May Passenger Car Retail Sales Fall 22.1% YoY; NEV Retail Sales Down 7.5%

China Passenger Car Association data showed China's May retail sales of narrow passenger vehicles fell 22.1% year on year to 1.51 million units. New energy vehicle (NEV) retail sales fell 7.5% year on year to 950,000 units, according to Ming Pao, while rising 12.4% month on month. The NEV retail penetration rate in mainland China rose to a monthly record of 62.9%, helped by a decline in gasoline vehicle sales that reduced their share.