Data published by the China Auto Industry Association (CPCA) showed that in May sales of passenger cars fell by 2.2% per annum, to 1.72 million units, slowing down compared to April (-5.8% per annum). The CPCA said that the decrease in figures was connected to the disturbances caused by shipping issues in the Red Sea.
On a monthly basis, sales rose by 11.1%. From the beginning of the year (to May), sales increased by 5.3% per annum, to 8.15 million units. Meanwhile, in May, exports of passenger cars fell by 9% m/m, to 378,000 units.
The CPCA also reported that in May, new energy vehicles including pure electric and plug-in hybrids made up 46.7% of total car sales, a fresh monthly high. Electric vehicle sales accelerated 27.4% from 12.1% in April, while plug-in hybrid sales rose 61.1% versus a 64.2% jump in the prior month. The report also showed that Tesla China sold 72,573 vehicles in May, with electric vehicle (EV) shares declining by 0.5%, to 6.4%.