China passenger car retail sales decline 25 percent in October

Retail sales of passenger cars in China totaled 1.69 million units in October, representing a 25 percent decrease compared to the same month last year, according to preliminary data from the China Passenger Car Association (CPCA). On a monthly basis, however, sales grew by 5 percent.

The new energy vehicle (NEV) segment saw 1.15 million units sold at retail, a 10 percent year-over-year decline. Despite the contraction in volume, NEVs accounted for 67.8 percent of all passenger car sales, indicating a continued shift in consumer preference toward electric and hybrid models in the Chinese market.

Manufacturer wholesale volume for the month reached 2.64 million units, down 10 percent from October 2023. Year-to-date retail sales show a 22 percent decline, while wholesale figures for the first ten months of the year have fallen by 6 percent, highlighting a challenging environment for traditional vehicle manufacturers.