Passenger vehicle retail sales in China in June this year reached 1.654 million units, up 2.9 percent month on month, indicating a month-on-month increase for the fourth consecutive month, while down 6.2 percent year on year due to the high levels of retail sales in June 2019 which had been caused by a change in vehicle standards, according to the China Passenger Car Association (CPCA).
The CPCA said the stimulus policy implemented following effective control of Covid-19 in China exerted a positive impact on consumption of passenger vehicles, though it also indicated that people’s reduced incomes have negatively affected consumption.
In the first half of the current year, passenger vehicle retail sales in China amounted to 7.7 million units, decreasing by 2.24 million units or 23 percent year on year, mainly due to the early Spring Festival holiday and Covid-19, while the performance in the second quarter was much better than in the first quarter.
In June, 39,000 passenger vehicles were exported, down 35 percent year on year.
Meanwhile, in June new energy passenger vehicle wholesale volumes amounted to 85,600 units, down 34.9 percent year on year but up 20.1 percent month on month. The CPCA said that in the second half of the year the month-on-month trend of new energy passenger vehicle wholesale volumes will likely switch to positive, from the negative trend seen in the first half of the year.