China Car Sales Continued to Recover in May on New Models, Discounts

By Raffaele Huang

SINGAPORE--Car sales in China, the world's biggest auto market, continued to recover in May, as rollouts of new models and discounts offered by dealers and local authorities boosted purchases.

Last month, China's retail sales of passenger cars rose 28.6% from a year earlier to 1.74 million vehicles, the China Passenger Car Association said Thursday.

The association forecasts June sales to decline, as a tax cut that went into effect in June 2022 fueled sales at the time.

Retail sales of new-energy cars, which include electric and plug-in hybrid cars, grew 60.9% in May from a year ago to 580,000 vehicles, the association said.

Tesla delivered 77,695 cars made at its Shanghai plant in May, data from the association showed.

The market share of local carmakers rose to 50.3% in May, amid strong growth in the EV segment, the association said.

Write to Raffaele Huang at [e-mail]

(END) Dow Jones Newswires

June 08, 2023 05:13 ET (09:13 GMT)

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