Passenger vehicle retail sales in China indicate rapid rise in July

Passenger vehicle retail sales in China indicate rapid rise in July

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Passenger vehicle retail sales in China in July this year reached 1.597 million units, increasing by 7.7 percent year on year, which was the highest year-on-year rise since May 2018, according to the China Passenger Car Association (CPCA). The accumulative passenger vehicle retail sales amounted to 9.309 million units in the January-July period this year, down 18.5 percent year on year. The CPCA said that the early Chinese New Year holiday and the Covid-19 pandemic contributed to the year-on-year decline of passenger vehicle retail sales, while there was a significant improvement in July, signaling that the performance will improve in the third quarter this year.

In the first half of the current year, 21.5 percent of China’s auto dealers registered a positive growth in sales volumes, while 38.3 percent saw negative growth, as announced by the China Automobile Dealers Association (CADA).

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