China’s auto sales likely fell 5.2% on month in Aug, retail sales of passenger cars declined 4% in Aug 1-28 – industry bodies
DATA MACRO
China’s auto sales likely fell 5.2% on month in Aug, retail sales of passenger cars declined 4% in Aug 1-28 – industry bodies
DATA MACRO

China’s auto sales likely fell 5.2% on month in Aug, retail sales of passenger cars declined 4% in Aug 1-28 – industry bodies

 

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China’s auto sales are expected to reach 2.295 million units in August, falling 5.2% from the previous month, but rising 27.2% from the same period last year, according to estimates by the China Association Automobile Manufacturers.

In the first eight months of the year, China’s total auto sales are estimated to reach 16.77 million units, rising 1.2% from the same period last year, estimated the association.

Separate data from the China Passenger Association (CPA) showed that China’s retail sales of passenger vehicles reached 1.48 million units in the period of August 1 – 28, falling by 4% from the same period in July, but rising 19% from a year earlier.

Wholesale volume of passenger vehicles reached 1.51 million units during the period, sliding 14% from the same period in the month before, but rising 18% from a year earlier, showed the data.

In the week of August 22 – 28, retail sales of passenger car s reached 456,000 units, falling 2% from a year earlier and sliding 19% from the same period in July, showed the data. Wholesale volume of passenger vehicles reached 502,000 units in the week, falling 2% from a year earlier and slumping 29% from the same period in the previous month.

In addition to the impact of power rationing last month, the effect of policy measure to halve purchase tax for some eligible passenger vehicles gradually eased after a strong start in June, said the association.

In China’s A-share market, the index tracking the auto sector compiled by Shenyin Wanguo Securities declined by 11.85% in August, making it the worst-performing sector in the 31 sectors.

The Ministry of Finance said in a notice on May 31 that it will halve the purchase tax for passenger vehicles priced no higher than 300,000 yuan and wit 2.0-liter engines or smaller during the period of June 1 – December 31, 2022. The move prompted a strong recovery in car sales in June.