China Passenger Car Association (CPCA) May data:
- vehicle sales +11% m/m (prior -9.4%)
- but -1.9% y/y (prior -5.7%)
Reasons for the m/m climb cited Government subsidies for replacing old cars with new ones:
- 7,000 yuan for updating fuel cars
- 10,000 yuan for new energy vehicles (NEVs)
Much more detail here if you are interested.
Old pic, China is heating up for summer
