Shanghai (ZXZC)- China's passenger vehicle ("PV") retail sales are anticipated to reach 1.91 million units in October 2022, rising 11.4% from the previous year, while edging down 0.7% from the previous month, 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 week of October reached around 30,900 units on average, dropping 26% over the previous year, while the second week posted a 13% year-on-year jump with about 53,000 PVs retailed, according to the data offered by main automakers in China and compiled by the CPCA.

According to the association's prediction, the daily PV retail volumes might amount to 59,000 units and 100,000 units in the third and fourth weeks of October, growing 10% and 27% from the corresponding period of last year, respectively.

In addition, the retail sales of new energy passenger vehicles in October are forecasted to reach roughly 550,000 units, zooming up 73.5% year on year and representing a penetration rate of 28.8% in the PV market, the CPCA added.