Shanghai (ZXZC)- China's domestic passenger vehicle ("PV") retail sales are anticipated to reach 1.35 million units in Feb. 2023, which should rise 8% from the year-ago period and also grow 12.9% compared to the same span in 2021, 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 Feb. 2023 reached around 36,800 units and 40,000 units, surging 39% and 52% from the previous year, respectively, due to the low base for the prior-year period, where the last year’s Spring Festival holiday fell in.

The third week of Feb. is likely to post a 14% year-on-year decline with about 38,000 PVs retailed across China per day averagely, while the average daily PV retail volume in the fourth week may remain flat over a year earlier at 69,000 units.

In addition, the retail sales of new energy passenger vehicles in Feb. are forecasted to reach roughly 400,000 units, leaping 46.6% year on year and 20.3% month on month, as well as representing a penetration rate of 29.6% in the PV market, the CPCA added.