After this week, we will soon usher in March, so the data of the February car market will also arrive as promised. On February 24, the Association of Passenger Vehicles gave a forecast in advance: the retail sales of narrow passenger cars in February are expected to be 1.300 million units, an increase of 11.2% year-on-year, and the automobile market showed a rapid recovery trend after the Spring Festival.
Passenger car
When reviewing the situation of the car market in January, the Association said that the wave of returning home before January was less affected by the epidemic, consumer demand was better released, coupled with the continuous alleviation of supply problems and various favorable consumption policies, etc., which boosted the car market to make a good start in 2022. Specifically, in January, the association retailed 2.078 million passenger cars in the narrow sense, down 5.0% year-on-year. The new energy market performed poorly, with retail sales of 352,000 units in January, down 25.8% from December last year, although the penetration rate of new energy remained at a high level of 17%.
In February, the Federation believes that the overall market is good, mainly due to the recovery speed of production and consumption after the Spring Festival, which exceeds expectations, the pace of batch sales of most manufacturers is faster, and the terminal inventory structure has been further improved. In the new energy market, despite factors such as subsidies and rising prices, the impact is relatively limited, and it is expected to maintain a triple-digit positive year-on-year growth, and the penetration rate will be close to 20%.
According to the results of terminal price monitoring, the overall market discount rate of passenger cars in mid-February was about 11.7%, which was larger than before the Spring Festival. The February retail target survey showed that manufacturers accounting for about 80% of the overall market had positive growth year-on-year. Therefore, the association initially calculated that the narrow passenger car retail market this month will be about 1.3 million units, which will achieve a year-on-year increase of 11.2%.