(Yicai Global) June 8 -- China's passenger vehicle sales edged up 1 percent in May from the same period last year, as the low base from slow sales during the Covid-19 pandemic last year is gradually eroded and the global chip shortage hampers manufacturers’ output, an industry body said.
Some 1.623 million passenger cars were sold last month, according to data released by the China Passenger Car Association today. FAW-Volkswagen, SAIC-GM and SAIC-Volkswagen sold the most autos in May shifting 168,000, 122,000 and 119,000 units respectively, it added.
Cumulative sales in the first five months jumped 38.1 percent year on year to 8.36 million, CPCA said. This was largely due to the low base from January to May in 2020 when the Covid-19 pandemic hammered sales. Sales in the five months ended May 31 last year were down 26 percent from 2019.
The global shortage of chips has affected manufacturers’ output and constrained sales, the CPCA said. A stable supply chain is likely to be an important issue for automakers in the third quarter, it added.
The country’s new three-child policy announced last week should drive demand for seven-seater family vehicles, said Secretary-General Cui Dongshu.
Electric car sales nearly tripled in May year on year to 1.77 million units, the CPCA said. SAIC-GM-Wuling sold 33,175 vehicles, BYD 31,908, Tesla China 21,936 and GAC AION 10,395. NEVs accounted for 11.4 percent of auto sales in China last month.
China exported 107,000 finished autos and dismantled vehicles in May, a three-and-a-half-fold leap from the same period last year. NEVs made up for 14 percent of total exports, showing explosive growth. Tesla China exported 11,527 units, Shanghai-based SAIC Motor 2,430 and Shenzhen-based BYD exported 223.
Editor: Kim Taylor