China's Auto Production and Sales Exceed 18.8 Million Units in First 7 Months, New Energy Vehicles Account for 45%

According to the latest data released by the China Association of Automobile Manufacturers (CAAM), in the first 7 months, the country's auto production and sales both exceeded 18.8 million units, with a year-on-year increase of 12.7% and 12%, respectively.

In July, the country's auto production and sales were 259.1 million units and 259.3 million units, respectively, down 7.3% and 10.7% from June, but up 13.3% and 14.7% from last year.

CAAM vice-secretary general Chen Shihua explained that the decline in July was due to the traditional off-season, with some manufacturers conducting annual equipment inspections, leading to a slowdown in production and sales. However, the industry's overall performance has been stable, with new car models continuously being launched, contributing to growth.

CAAM deputy-secretary general Xu Haide noted that the country's auto market maintained a 12% year-on-year growth rate in the first 7 months, indicating the industry's important role in driving domestic demand and consumption.