Shanghai (ZXZC)- China's passenger vehicle ("PV") retail sales are anticipated to reach 1.86 million units in November 2022, rising 2.4% from the previous year, while sliding 10.6% compared to the same month in 2020, 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 November reached around 35,600 units and 39,700 units, dropping 9% and 12% over the year-ago period, respectively, according to the data offered by main automakers in China and compiled by the CPCA. The third week posted an 8% year-on-year increase with about 52,500 PVs retailed per day on average.

According to the association's prediction, the daily PV retail volumes might amount to 77,000 units in the fourth week of November, remaining flat over the prior-year period, while the daily retail sales for the fifth week are likely to jump 20% year over year to 155,000 units.

In addition, the retail sales of new energy passenger vehicles in November are forecasted to reach roughly 600,000 units, zooming up 58.5% year on year and representing a penetration rate of 32.3% in the PV market, the CPCA added.