China's passenger vehicle retail sales drop 21% Y/Y in the first week of May
Sales of passenger cars in China dropped 21% Y/Y to 254K units from May 1 to May 8 due to the Covid impact.
Wholesale passenger car sales fell 17% Y/Y to 222K units, plunged 49% from the previous week.
Chinese passenger car retail sales were up 29% last week and wholesale sales were up 14% compared to the first week of April, 2022.

Passenger car sales in China declined 35.7% to 1.04 units in April, biggest monthly drop since March 2020, the height of country's initial coronavirus outbreak, when sales fell 40% year-on-year, CPCA said.
China's auto sales are expected to continue to decline in May due to Covid situation.
The supply of NEVs in China will improve significantly in May compared to April, and retail sales of NEVs are expected to show high growth compared to April, the CPCA said.
China is working around to issue new policies to boost car consumption in rural areas as soon as this month.
U.S. electric vehicle maker Tesla (NASDAQ:TSLA) produced 10,757 China-made vehicles in April and sold 1,512 of these, the fewest since April 2020 and 65,814 cars it sold in March this year.
BYD's (OTCPK:BYDDF) sales of electric vehicles and plug-in hybrids rose 1% vs. March; Nio's (NYSE:NIO) April sales fell 49% vs. March, after production reportedly was briefly halted last month. XPeng (NYSE:XPEV) reported a 42% decline vs. March while Li Auto (NASDAQ:LI) deliveries plunged 62% M/M.