Passenger vehicle retail sales in China are expected to amount to 1.73 million units in July, decreasing by 4.8 percent year on year, while declining by 8.6 percent month on month, according to the China Passenger Car Association (CPCA).
In July, passenger new energy vehicle (NEV) retail sales are expected to total 620,000 units, up 27.5 percent year on year, while decreasing by 6.8 percent month on month, with the share of NEVs of total sales reaching 35.8 percent in the given month.
At the same time, the China Automobile Dealers Association announced that the China Auto Dealer General Inventory Index stood at 1.35 in June this year, down 0.7 percent year on year and down 22.4 percent month on month, with stimulus policies and sales promotion activities contributing to the decreasing inventory level.
The CPCA stated that a lot of competitive new NEV products will be launched in the second half of the current year, which will exert a positive impact on vehicle sales.