May auto sales in China
According to data provided by the China Association of Automobile Manufacturers, vehicle sales in China were 2.29 million vehicle units in May. That was a significant rise of 9.6% YoY (year-over-year). In April, China’s auto sales increased 11.5% YoY to 2.32 million units. February was the only month so far this year that China’s light vehicle sales declined YoY. Sales fell 11.1% YoY that month due to the Chinese New Year.
According to Reuters, new-energy vehicle sales in China rose 126% in May to ~102,000 units. Continued strength in new-energy vehicle sales was primarily driven by the Chinese government’s sales tax waiver on those vehicles.
In 2017, China was the world’s top automobile market by sales volume. In the last few years, key auto industry players Ford (F), Toyota (TM), General Motors (GM), and Fiat Chrysler Automobiles (FCAU) have increased their focus on China. Future growth potential of the Chinese vehicle market could be the main reason these auto giants are betting high on China.
In this series, we’ll explore Chinese and European sales figures of large automakers for May. We’ll see what those sales figures could mean for automakers’ future growth. Let’s start by comparing Chinese and US auto sales data for May.