Shanghai (ZXZC)- China's passenger vehicle ("PV") retail sales are anticipated to reach 1.88 million units in August 2022, growing 29.6% and 10.3% compared to the same span of 2021 and 2020, respectively, according to the China Passenger Car Association ("CPCA").

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

The daily PV retail sales for the first and second weeks of August reached around 40,600 units and 47,300 units, rising 21% and 25% from the year-ago period, according to the data offered by main automakers in China and compiled by the CPCA.

According to the association's prediction, the average daily PV retail volumes might amount to 52,000 units, 81,000 units, and 110,000 units in the third, fourth, and fifth weeks of August, jumping 31%, 22%, and 56% from the corresponding period of last year, respectively.In addition, the retail sales of new energy passenger vehicles in August are expected to reach 520,000 units, zooming up 108.3% year on year, while climbing 7% month on month, the CPCA added.

The association expected the new energy vehicle sector to continue significantly boosting the overall passenger vehicles sales in the second half of this year, as leading automakers are upgrading production lines, expanding production capacity, and rolling out more new vehicle models.