Chinese automakers trade higher, industry body estimates China’s passenger car sales to rise 5% from previous month
DATA STOCKS
Chinese automakers trade higher, industry body estimates China’s passenger car sales to rise 5% from previous month
DATA STOCKS

Chinese automakers trade higher, industry body estimates China’s passenger car sales to rise 5% from previous month

 

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Shares of Chinese automakers are trading higher in the A-share market, led by Chongqing Changan Automobile surging more than 8% to hit 13.49 yuan, marking a new high since early March. 

China’s retail sales of passenger cars are expected to be about 1.83 million units in June, rising by 5% from the previous month, but sliding 5.9% from a year earlier due to high base last year, according to estimates by the China Passenger Car Association. 

Retail sales of new energy vehicles reached about 670,000 units, rising by 15.5% from the previous month and rising by 26% from a year earlier, with NEV penetration rate at about 36.6%, it said.

Last week, China announced that it will extend purchase tax exemption and cut policy for new energy vehicles until 2027 and the Ministry of Commerce has also said that it will launched a series of campaigns to boost NEV sales, in particular in China’s rural areas.