China’s retail sales of passenger cars expected to rise 29.6% on year in August – industry body
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China’s retail sales of passenger cars expected to rise 29.6% on year in August – industry body
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China’s retail sales of passenger cars expected to rise 29.6% on year in August – industry body

 

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China’s retail sales of passenger cars are expected to reach 1.88 million units in August, rising 29.6% from a year earlier and rising 3.4% from the previous month, according to the estimates by the China Passenger Car Association.

Retail sales of new energy passenger vehicles are expected to reach 520,000 units, surging 108.3% from a year earlier and up 7% from the previous month, with penetration rate at 27.7%, said the association.

While the epidemic situation stabilized in August, some industrial companies suspend production, affecting auto parts and automobile suppliers in order to ensure residential power use during the long-lasting heatwave, it said, but noted that the industry’s current inventories can basically ensure supply.

Average daily retail sales in the first two weeks rose by 21% and 25% from a year earlier, and the sales in the third, fourth and fifth week are expected to grow by 31%, 22% and 56%, respectively as the heatwave that hit several parts of China gradually ease and the new semesters approaches, said the association.