During May 2024, the Chinese Light Vehicle (LV) market showed a firm uptick with continuous structural optimization, according to an analysis and data released by the respected GlobalData consultancy.* Within the LV segment, Passenger Vehicle (PV) sales, influenced by the high base of the same period last year, declined by 3.5% YoY, yet still accounted for 1.7 million units. Light Commercial Vehicle (LCV) sales totaled 222,000, a Year-over-Year decline of 0.6%.

“Domestic LV sales, excluding exports, reached 1.9 million units, marking a 3.2% year-on-year (YoY) decrease but a commendable 5.0% month-on-month (MoM) increase,” GlobalData said.**

LV production for May was recorded at 2.3 million, a YoY increase of 1.6%, and a minor MoM decline of 1.0%. “When considering the cumulative output for the year to date, volume has reached an impressive 10.9 mn units, demonstrating commendable growth of 6.5%. Breaking down the figures further, PV production, which accounts for 90% of the overall LV production, remained stable in May at 2.0 mn units, virtually unchanged from the previous month, with YoY growth of 1.2%. The production figures for Chinese OEMs showed a significant increase of 16.6% YoY, contrasting with a substantial decrease of 18.9% YoY in production for joint venture (JV) brands,” GlobalData said.