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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China's auto market saw seasonal weakness in February as the 2024 Lunar New Year holiday fell in mid-February, the CPCA noted.
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China's January wholesale sales of passenger NEVs are expected to be 700,000 units, up 80 percent year-on-year, but down 37 percent from December, the CPCA said.
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China's passenger car retail sales are estimated to be around 2.2 million units in January, down 6.5 percent from December.
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