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Investing.com -- China’s car sales increased for the fourth month in a row in May, but at a slower pace compared to previous months. The rise in sales was seen across major automakers, but there are concerns about aggressive price competition in the world’s largest auto market.
According to data released on Monday by the China Passenger Car Association (CPCA), sales grew 13.9% from a year earlier to 1.96 million vehicles in May. This is a slight slowdown from the 14.8% growth observed in April.
The sales of electric vehicles (EVs) and hybrids also saw an increase, with a year-on-year rise of 28.2%. However, this was a decrease from the 33.9% gain recorded in April.
Leading EV manufacturer, BYD (SZ:002594), experienced a slowdown in its annual passenger vehicle sales growth. In May, the growth rate was 14.1%, down from April’s 19.4%. This occurred despite the introduction of a new round of subsidies and incentives towards the end of the month.
Other prominent automakers, such as Geely and Chery, also reported slower growth rates. This slowdown comes as the industry’s focus has shifted towards price wars, sparking concerns about a potential upheaval in the market.
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