The Watch Project Power Onlinecombined retail volume of sedans, MPVs, and SUVs (passenger vehicles in a narrow sense in China) in the Chinese market for August is expected to reach around 1.85 million units, according to an August 24 statement by the China Passenger Car Association (CPCA). The figure reflects a year-on-year decrease of 1.3% and a month-on-month increase of 4.7%. Within these figures, the sales of new energy vehicles are estimated to be around 700,000 units, showing a month-on-month growth of 9.2% and a year-on-year growth of 31.5%, with a market penetration rate of about 37.8%. The extreme rainfall caused by typhoons in northern and northeastern China in late July and early August has made an impact on the sales performance, the CPCA claimed. During the first week of August, the average daily retail sales of major manufacturers are expected to be approximately 40,100 units, a year-on-year decrease of 0.8%. After that, the auto market is estimated to have seen a gradual recovery with average daily retail sales reaching around 49,100, 51,900, 60,700, and 128,200 units, respectively, from the second to the fifth week in August, 2023. [CPCA statement, in Chinese]
