From June 1 to June 11, retail gross sales of all passenger automobiles in China had been 425,000 items, down 10 p.c year-on-year and down 25 p.c from the identical interval final month.
(Picture credit score: CnEVPost)
The Chinese language passenger automotive market was weak within the first two weeks of June, whereas the brand new power automobile (NEV) market carried out barely higher.
From June 1 to June 11, retail gross sales of passenger NEVs in China had been 160,000 items, up 18 p.c year-on-year however down 4 p.c from the identical interval final month, in line with information launched at present by the China Passenger Automobile Affiliation (CPCA).
To date this 12 months, China’s retail gross sales of passenger NEVs had been 2,581,000 items, up 39 p.c year-on-year.
From June 1 to June 11, wholesale gross sales of passenger NEVs in China had been 144,000 items, up 18 p.c year-on-year and up 3 p.c from the identical interval final month, in line with the CPCA.
Wholesale gross sales of passenger NEVs to this point this 12 months had been 2,927,000 items, up 45 p.c year-on-year.
From June 1 to June 11, retail gross sales of all passenger automobiles in China had been 425,000 items, down 10 p.c year-on-year and down 25 p.c from the identical interval final month, the CPCA stated.
To date this 12 months, cumulative retail gross sales of passenger vehicles in China had been up 3 p.c year-on-year to eight.057 million items.
Which means that from June 1 to June 11, the penetration of NEVs at retail in China was 37.6 p.c, and 32.03 p.c to this point this 12 months.
Within the first week of June — June 1-4 — the common every day retail gross sales of passenger vehicles in China had been 31,000 items, down 9 p.c from a 12 months in the past and 42 p.c decrease than the identical interval final month.
Within the second week of June — June 5 to 11- – common every day retail gross sales of passenger vehicles had been 43,000 items, down 10 p.c year-on-year and down 14 p.c in comparison with the identical interval in Might.
The decline in gross sales in early June was primarily because of a excessive base from final 12 months led to by stimulus insurance policies.
On Might 31, 2022, China introduced a 50 p.c discount in automobile buy tax for passenger automobiles of two.0 liter and beneath displacement with a purchase order date between June 1, 2022 and December 31, 2022 and with a automobile worth not exceeding RMB 300,000 ($ 41,900).
Earlier than the coverage took impact, China’s buy tax price for inside combustion engine (ICE) automobiles was 10 p.c, whereas the acquisition of NEVs was exempt from buy tax.
The stimulus coverage left automotive gross sales excessive initially of June final 12 months, whereas the identical interval this 12 months was a standard gross sales time, so a decline in gross sales is pure, the CPCA stated at present.
The CPCA didn’t launch gross sales figures for particular automotive firms, however Li Auto shared some numbers yesterday.
Li Auto offered 11,900 items from June 1 to June 11, figures shared yesterday by the extended-range electrical automobile (EREV) confirmed. The corporate didn’t specify, although the figures are based mostly on automobile insurance coverage registrations.
Tesla (NASDAQ: TSLA) offered 26,000 items in China from June 1-11, whereas NIO (NYSE: NIO) had 2,800 and XPeng (NYSE: XPEV) had 2,200, in line with Li Auto.
($1 = RMB 7.1573)
Information desk: China auto gross sales in 1st 2 weeks of Jun