CPCA: From January 1 to January 19, the retail sales of passenger cars in the market reached 1.05 million units, a 5% decrease compared to the same period last year in January.

On January 22, the China Passenger Car Association released data showing that from January 1-19, the retail sales of passenger cars in the domestic market totaled 1.05 million units, a 5% decrease compared to the same period last year and a 27% decrease compared to the previous month. The cumulative retail sales for the year so far also decreased by 5% compared to last year. During the same period, the retail sales of new energy passenger cars reached 423,000 units, a 26% increase compared to last year and a 39% decrease compared to the previous month. The cumulative retail sales for new energy passenger cars this year increased by 26% compared to last year. Specifically, from January 1-19, the retail sales of passenger cars in the domestic market totaled 1.05 million units, a 5% decrease compared to the same period last year and a 27% decrease compared to the previous month. During the same period, nationwide manufacturers wholesaled 1.244 million passenger cars, a 25% increase compared to last year and a 17% decrease compared to the previous month. The cumulative wholesale volume for the year so far increased by 25% compared to last year. In the context of the 2024 national scrap and renewal policy and the subsidy incentives for the replacement of old vehicles in various regions, consumer car purchases experienced strong growth in December 2024. While the national renewal policy and the replacement of old vehicles policy supported by central funds have continued smoothly, consumers are still adopting a wait-and-see attitude, expecting more benefits from the new policy. The car purchase activity in the early part of the year has been slow. With the announcement of new subsidy policies for 2025 by the government, consumer sentiment has slightly improved, leading to gradually increasing demand for car purchases starting from the second week of January, with stronger trends seen in the third week.