Zhong Guo Zhi Liang Xin Wen Wang·2025-06-17 08:23Core Insights - The passenger car market in China experienced strong growth in May, driven by the "old-for-new" policy and local consumption incentives, with retail sales reaching 1.938 million units, a year-on-year increase of 13.7% and a month-on-month increase of 10.4% [1][2] Sales Performance - In May, the retail sales of various vehicle categories showed significant growth: sedans sold 873,000 units (up 8.7% YoY), MPVs sold 94,000 units (up 20.6% YoY), SUVs sold 972,000 units (up 17.8% YoY), and NEVs sold 1.027 million units (up 28.9% YoY) [2][3] - Cumulative sales from January to May reached 8.817 million units, reflecting a 9.2% year-on-year increase [2] Brand Performance - Domestic brands performed exceptionally well, with retail sales of 1.26 million units in May, a 29% increase YoY, capturing a market share of 65.2% [3][6] - BYD led the sales ranking with 293,021 units sold in May, achieving a market share of 15.1% [4][13] - Geely and Changan followed, with sales of 205,093 units (up 65.7% YoY) and 135,330 units (up 41.4% YoY), respectively [4][6] Market Dynamics - The market share of domestic brands significantly outpaced joint venture brands, with domestic brands holding 41.2% of the market compared to 22.1% for joint ventures from January to May [8] - Joint venture brands faced challenges, with Volkswagen's sales declining by 5.9% YoY in the first five months [9][10] New Energy Vehicle (NEV) Segment - The NEV segment saw robust growth, with BYD leading the market with 293,021 units sold in May, representing a 9.2% increase YoY and a market share of 28.5% [14][16] - Geely's NEV sales surged by 132.1% YoY, reaching 130,398 units in May [14][16] - The competition among new energy manufacturers intensified, with companies like Li Auto and Tesla facing challenges in maintaining their market positions [18]