China’s passenger car sales fell 5% on year in July, down 8% from previous month
DATA
China’s passenger car sales fell 5% on year in July, down 8% from previous month
DATA

China’s passenger car sales fell 5% on year in July, down 8% from previous month

 

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China’s retail sales of passenger vehicles reached 1.73 million units in July, sliding 5% from a year earlier and down 8% from the previous month, according to preliminary data released by the China Passenger Car Association.

In the first seven months of the year, retail sales of passenger cars reached 11.26 million units, rising by 1% from the same period last year, showed the data.

Retail sales of new energy vehicles reached about 647,000 units in July, rising by 33% from a year earlier, but falling 3% from the previous month, showed the data.

In the first seven months, retail sales of NEVs reached 3.73 million units, surging 37% from a year earlier.

The year-on-year drop in car sales in early July was normal as car sales in July 2022 were boosted by the tax cut for purchases of conventional fuel vehicles, said the association.

July is a traditional low season for the car market and the high temperature this year also dampened customer traffic at stores, however, local governments’ stimulus policies remain strong and car price discounts remain high, customers’ wait-and-see sentiment eased, it said.