Retail sales of passenger cars in China fell by 17% in May

China's passenger car retail sales declined in May, according to the China Passenger Car Association.

by 16.9% to 1.354 million units.Cumulative passenger car sales from January to May amounted to 7.3 million units, which was 12.8% lower than the same period a year earlier. At the same time, it is noted that sales of new energy vehicles, which include electric cars and plug-in hybrid cars, increased by 111.5% and reached 421,000 cars. Growth in comparison with April was 49.8%. A total of 1.9 million new energy vehicles were sold in China between January and April this year, up 117.4% from last year. It is emphasized that the results in this segment are constrained by the lack of components and restrictions associated with covid. In May, 13 companies stood out in China, whose shipments in the segment of new energy vehicles exceeded 10,000 units. BYD is the market leader with shipments of 114,183 vehicles, Tesla China is in third place with sales of 32,165 vehicles.