乘用车零售增势走强

Core Insights - In May, China's retail sales of passenger cars reached 1.932 million units, a year-on-year increase of 13.3%, with cumulative retail sales for the year at 8.811 million units, up 9.1% [1] - Passenger car production and wholesale also hit historical highs in May, with production at 2.270 million units (up 12.6%) and wholesale at 2.310 million units (up 12.8%) [1] - The "old-for-new" policy significantly boosted retail sales, with 4.12 million applications for subsidies by the end of May, and May's applications estimated at 1.23 million, a 13% increase from April [2] - The penetration rate of new energy vehicles (NEVs) reached 52.9% in May, with retail sales of NEVs at 1.021 million units, a 28.2% year-on-year increase [2] - Exports of passenger cars (including complete vehicles and CKD) reached 448,000 units in May, a year-on-year increase of 13.5% [2] Industry Trends - The automotive market is expected to maintain growth in June, although the growth rate may slow due to high base effects from the previous year [3] - Government policies aimed at stabilizing fuel vehicle consumption and promoting vehicle scrappage are expected to support the overall positive trend in the automotive industry [3]