July Sales of Passenger Vehicles in China: 144.5 million units sold, up 9% year-on-year and down 19% month-over-month

Zhitong Caijing APP has learned that the China Automobile Association published a statement saying that from July 1 to July 27, the total sales of passenger vehicles in China reached 144.5 million units, up 9% year-on-year and down 19% month-over-month; and since the beginning of this year, the cumulative sales have reached 1234.6 million units, up 11%. Meanwhile, from July 1 to July 27, the total production volume of passenger vehicles in China was 150.5 million units, up 17% year-on-year and down 25% month-over-month; and since the beginning of this year, the cumulative production volume has reached 1478.5 million units, up 13%. New energy vehicle sales have seen a significant increase, with 78.9 million units sold from July 1 to July 27, up 15% year-on-year and down 17% month-over-month; and since the beginning of this year, new energy vehicle sales have reached 625.8 million units, up 31%. New energy production volume has also seen a significant increase, with 81.6 million units produced from July 1 to July 27, up 17% year-on-year and down 20% month-over-month; and since the beginning of this year, new energy production volume has reached 726.4 million units, up 35%. The sales of traditional fuel vehicles have seen a decline, with 65.5 million units sold from July 1 to July 27, down 14% year-on-year and up 2% month-over-month; and since the beginning of this year, cumulative sales have reached 609.2 million units, up 8%. The production volume of traditional fuel vehicles has also seen a decline, with 69.3 million units produced from July 1 to July 27, down 10% year-on-year and up 5% month-over-month; and since the beginning of this year, cumulative production volume has reached 721.9 million units, up 12%. As of July, there have been 23 working days in China, with a relatively full production schedule.

From July 1 to July 27, the daily sales of passenger vehicles in China have been relatively stable. The first week saw a daily average of 4 million units sold, up 1% year-on-year and down 6% month-over-month. The second week saw a daily average of 4.8 million units sold, up 11% year-on-year and down 4% month-over-month. The third week saw a daily average of 5.8 million units sold, up 17% year-on-year and down 20% month-over-month. The fourth week saw a daily average of 6.7 million units sold, up 5% year-on-year and down 30% month-over-month.

As of July, the Chinese economy has performed better than expected, with exports improving in recent months, which has stabilized domestic demand. With a relatively full production schedule and a structural increase in passenger vehicle sales, some manufacturers have seen their traditional fuel vehicle production capacity surge, leading to concerns about inventory levels and price pressures. As the industry enters its peak season, it is expected that the market will continue to stabilize.

From July 1 to July 27, the daily production volume of passenger vehicles in China has been relatively stable. The first week saw a daily average of 3.9 million units produced, up 39% year-on-year and up 0% month-over-month. The second week saw a daily average of 4.6 million units produced, up 31% year-on-year and down 12% month-over-month. The third week saw a daily average of 5.8 million units produced, up 8% year-on-year and down 17% month-over-month. The fourth week saw a daily average of 7.8 million units produced, up 10% year-on-year and down 41% month-over-month.