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On May 22, the China Passenger Car Association (CPCA) released its latest research findings, indicating that leading manufacturers—who collectively account for over 70% of the total market sales—have set retail targets for this month that are roughly 10% higher than those of the previous month. This adjustment is in line with typical seasonal trends. Preliminary projections suggest that retail sales of narrowly defined passenger cars are expected to reach approximately 1.52 million units in May, marking a 9.9% month-on-month increase. Within this figure, retail sales of new energy vehicles (NEVs) are anticipated to reach around 950,000 units, reflecting a 12.0% month-on-month growth and a penetration rate of approximately 62.5%. As consumers adopt a more rational approach to car purchases, the automotive market is exhibiting signs of a moderate recovery.
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