Shanghai (ZXZC)- China's passenger vehicle (“PV”) retail sales are anticipated to reach 1.32 million units in May 2022, sliding roughly 19% compared to the previous year, according to the China Passenger Car Association (CPCA).

For clarity, the passenger vehicles hereby refer to the cars, SUV, and MPVs locally produced in the world's largest auto market.

The daily PV retail sales for the first and second weeks of May reached around 31,700 units and 32,800 units on average, shrinking 21% and 22% from the year-ago period respectively, according to the data offered by main automakers in China and compiled by the CPCA.

For the third and fourth weeks of the month, the average PV retail volume is forecasted to be 34,000 units and 67,000 units on a daily basis, which would represent a decrease of 12% and 19% compared to the same period in 2021.

The new energy vehicle (NEV) retail sales in China are likely to drop 36.5% month on month to 282,000 units in May, as the production of some carmakers was affected by factors like supply constraints. The CPCA predicated that NEVs would account for 27.1% of the total PV retail sales this month.