Passenger vehicle retail sales in China amounted to 1.095 million units in February this year, down 21.0 percent year on year, while decreasing by 46.2 percent month on month, according to the China Passenger Car Association (CPCA). In the current year up to February 29, passenger vehicle retail sales in China amounted to 3.133 million units, up 17.0 percent year on year.
New energy passenger vehicle retail sales in China totaled 388,000 units in February, down 11.6 percent year on year, while declining by 42.1 percent month on month.
The surge in new vehicle sales starting from 2009 sets a good base for the scrapping of passenger vehicles in 2024. Accordingly, vehicle sales will likely indicate steady growth this year.