China’s retail sales of passenger cars rose by second-fastest in July, full-year new energy passenger car sales to reach 6 million units – industry association

 

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China’s total retail sales of passenger vehicles reached 1.82 million units in July, rising 20.4% from a year earlier, the second highest growth pace in ten years, said the China Passenger Car Association.

The sales declined by 6.5% from the previous month, the third-best performance for the same period in nearly 10 years, according to the association.

In the period of January – July, retail sales of passenger cars reached 11.08 million units, down 3.5% from a year earlier, and notably, sales in June – July increased by about 680,000 units from a year ago, said the association.

Retail sales of new energy passenger vehicles in China reached 486,000 units in July, surging 117.3% from a year earlier to units, but down 8.5% from the previous month, said the association.

In the first seven months of the year, retail sales of new energy passenger vehicles reached 2.73 million units, surging 121.5% from a year ago, it said.

Wholesale volume of new energy vehicles in China reached 564,000 units in July, surging 123.7% from a year earlier, said the association. For comparison, in the first half of the year, wholesale volume reached 2.47 million units, surging 122.8% from a year ago.

The country’s new energy passenger vehicle sales are expected to reach 6 million units in 2022, rising by 500,000 units from the previous forecast made at the end of 2021, and average monthly sales in August – December this year are expected to exceed 600,000 units, said the association.

The forecast could be raised again in early fourth quarter, it added.