China Association of Automobile Manufacturers: Car sales in May were 2.417 million units, an increase of 1.5% year-on-year

On June 14th, data from the China Association of Automobile Manufacturers showed that the automobile sales volume in May 2024 was 2.417 million units, an increase of 1.5% year-on-year. From January to May, automobile production and sales reached 11.384 million units and 11.496 million units respectively, with year-on-year growth of 6.5% and 8.3% respectively. The growth rates of production and sales narrowed by 1.3 and 2 percentage points respectively compared to January to April. In May 2024, the sales volume of new energy vehicles was 955,000 units, a year-on-year increase of 33.3%, with a market share of 39.5%. From January to May, the production and sales of new energy vehicles reached 3.926 million units and 3.895 million units respectively, with year-on-year growth of 30.7% and 32.5% respectively, and a market share of 33.9%. According to the analysis of the China Association of Automobile Manufacturers, in May, the overall output of China's economy continued to expand, and the production and operation activities of enterprises maintained a trend of recovery and development. In that month, automobile sales achieved a slight increase both month-on-month and year-on-year, while the production and sales of new energy vehicles and automobile exports continued to grow rapidly, with Chinese brands also maintaining good performance