China’s retail sales of passenger cars fell 9% on month in July, rose 17% on year
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China’s retail sales of passenger cars fell 9% on month in July, rose 17% on year
STOCKS

China’s retail sales of passenger cars fell 9% on month in July, rose 17% on year

 

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Retail sales of passenger vehicles in China reached 1.77 million units in July, showed preliminary data from the China Passenger Car Association, rising 17% year over year, falling 9% from the previous month.

Wholesale volume of passenger vehicles reached 2.12 million units, surging 40% from a year earlier, falling 3% from a month earlier, showed the data.

Retail sales of passenger vehicles in the week of July 25 – 31 reached 613,000 units, rising 14% from the same period last year and surging 44% from the previous week, but down 21% from the same period in the previous month, according to the data.

Wholesale volume of passenger vehicles reached 878,000 units, surging 53% from a year earlier, jumping 85% from the previous week, but down 11% from the same period in the previous month, showed the data.

As the month of June is the end of the first half of the year, auto dealers usually make extra efforts in the month to boost first-half performance, and many local governments’ stimulus measures to support consumption ended at the end of June, auto market performance fell from the previous month, said the association.

In addition, the effect of the policy to cut purchase tax on some passenger vehicles was stronger in the beginning of the implementation and gradually weakens, and meanwhile, July is a traditional light season for car consumption, leading to a slower year-on-year growth, it said.