China's locally-made PV retail sales jump 22% YoY in June 2022

Shanghai (Gasgoo)-In June 2022, China's passenger vehicle ("PV") retail sales amounted to 1.967 million units, jumping 22% compared to the previous year, while also leaping 43.2% from the previous month, according to the China Passenger Car Association (CPCA).

For the first half of 2022, there were around 9.4 million PVs retailed across the world's largest auto market, reflecting a 7.4% year-on-year dip.

For clarity, the PVs hereby refer to the cars, MPV, SUVs, and minibuses locally produced in China.

The robust YoY growth in China's June PV retail sales was partly thanks to automakers' measures to stabilize production and guarantee auto parts supply. With the epidemic impact ebbing, carmakers' production capacity and the market demands for cars were somewhat unleashed in June, said the association.

Besides, subsidies in some cities would expire by the end of June this year, also contributing to the rising market demands. To compensate for the coronavirus-caused loss and fulfill the first-half sales targets, many automakers stepped up sales promotion last month.

There were around 310,000 luxury PVs retailed across China in June, representing a 26% year-on-year growth, while showing a 74% month-on-month hike.

Chinese indegenous PV brands recorded a combined retail sales volume of 810,000 units in June, achieving a 35% and 31% increase compared to the previous year and the previous month, respectively.

According to the CPCA, China's local brands accounted for 42.5% of the country's total PV retail volume in June, 3.8 percentage points higher than the prior-year level.

With about 820,000 PVs delivered in June, mainstream joint-venture brands in China attained a two-digit growth of 12% year on year and 47% month on month.

Among the top 10 automakers by June PV retail sales, the first eight companies all scored an increase from a year ago. FAW-VW ranked highest, while BYD still logged the biggest year-on-year growth. SAIC Motor's two subsidiaries—SAIC-GM and SAIC-GM-Wuling (“SGMW”)—were the only two facing a downward movement.

In June, automakers in China produced 2.221 million PVs in total, indicating a 44.3% and 31% spike from a year ago and a month ago, respectively.

For the first six months of the year, China's PV output added up to 10.38 million units, rising 6.8% from a year earlier.

China's monthly PV wholesale volume amounted to 2.214 million units in June, surging 41.3% year on year, while also leaping 37.4% month on month.

Regarding the PV wholesale volume in June, the list of the top 10 automakers was 60/40 divided by joint-venture brands and Chinese indigenous ones. BYD was also the fastest-growing one with only NEVs sold. Notably, the top 10 automakers all achieved a rising impetus compared to the same span in 2021.

The CPCA forecasted that both PV production and sales volumes in China would grow year on year at a rate of over 20% in July 2022.