China's passenger car retail sales fell in July from June, but the NEV market was bolstered by fast-growing sales of hybrid models, the CPCA said.
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China's passenger car retail sales fell in July from June, but the NEV market was bolstered by fast-growing sales of hybrid models, the CPCA said.
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In June, price wars in China's auto market cooled down, spurring consumer sentiment among groups that had been on the sidelines, the CPCA said.
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China's June retail sales of NEVs are set to be the second highest on record, further approaching last December's record high.
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In May, the start of car trade-in subsidies and the cooling of price wars have stimulated spending among groups that were previously on the sidelines, the CPCA said.
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China's overall passenger vehicle retail sales in May is expected to be around 1.65 million units, down 5.3 percent year-on-year, the CPCA said.
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Since the beginning of the year, consumers have been in a wait-and-see mood, and the passenger car market has not been able to regain momentum in sales, the CPCA said.
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Price wars intensified in China's auto market in April, with overall discounts slightly higher than in March, the CPCA said.
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Both production and sales of passenger vehicles increased significantly in March from February as industries quickly turned to normal operations after the Chinese New Year holiday, the CPCA said.
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The NEV penetration rate is expected to reach a record 45.5 percent in March as it reversed the pre-holiday slump and rose rapidly, the CPCA said.
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February sales in China's auto market are expected to be the lowest of the year, the CPCA said.
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