According to the report from the China Passenger Car Association (CPCA), in January, retail sales of passenger cars increased by 57% per annum, to 2.035 million units. Meanwhile, the CPCA warned that a deterioration in consumer sentiment during the Lunar New Year celebrations could negatively affect sales. CPCA estimates that car sales in February will be the lowest in a year. The CPCA recalled that in January 2023, car sales decreased by 38% amid the continuing effects of pandemic restrictions.
The data also showed that retail sales of new-energy cars increased by 102% per annum in January, to 668,000 units. Meanwhile, exports of passenger cars rose by 51% per annum, to 355,000 units, while exports of new-energy vehicles increased by 27% per annum.