China auto sales set to fall further in May after April slowdown
Vehicle sales in China are not accelerating from an April skid, per the China Passenger Car Association (CPCA).
For the current month, passenger car sales are estimated to arrive at around 1.32 million units, marking a 19% decline year over year. Per CnEVPost, the top 80% of car companies saw the largest declines. 
The report has whipsawed sentiment on retail car sales in China after a mid-month report that sales had leapt 27% in the first half of May after lockdownâs grinded Aprilâs auto sales to a halt. April was noted as the worst month for Chinaâs auto market since early pandemic restrictions shut the industry down. 
As the Zero-COVID strategy is sustained and cities like Shanghai come under strict lockdown, auto sales are experiencing a reversion to early pandemic trends. 
Shares of Nio Inc. (NYSE:NIO), Li Auto (NASDAQ:LI), Tesla (TSLA), and Xpeng Inc. (NYSE:XPEV) all fell in pre-market hours. Shares of Volkswagen (OTCPK:VWAPY) and Toyota (TM) also fell in German and Japanese trading days, respectively.
Read more on recent slowdowns for EV sales in China.