Shanghai (ZXZC)- China's domestic passenger vehicle ("PV") retail sales are anticipated to reach 1.57 million units in Apr. 2023, which should edge down 1.8% from the previous month, but soar 49% from the previous year, 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.

With the heat of the price war in China waning in Apr., consumers’ resumed rational consumption with their wait-and-see mood easing, thus, the previously suppressed demands have been somewhat unleashed, said the CPCA. The overall passenger vehicle market is likely to maintain the dynamic momentum in sales in late Mar.

The daily PV retail sales for the first and second weeks of Apr. 2023 reached around 36,700 units and 47,900 units on average, surging 47% and 80% from the year-ago period, respectively.

The average third-week daily PV retail sales in Apr. are anticipated to zoom up 87% year on year to 54,800 units. Given the year-ago seasonal performance, and automakers’ and dealers’ intention to sell more cars in the quarter-end sprint, the CPCA predicted an average PV retail sales volume of 72,000 units per day for the fourth week.

In addition, the Auto Shanghai 2023 held between Apr. 18 and Apr. 27 also drew attention of multiple consumers to the automobile market, contributing to a mild growth in auto sales, the association added.