BEIJING (XINHUA) – China’s passenger car market continued to see robust sales growth in July thanks to a boost in consumer sentiment and restored production, according to a report released yesterday.
Some 1.77 million passenger cars were sold via retail channels last month, up 17 per cent year-on-year, showed initial statistics in the report by the China Passenger Car Association.
Wholesales of passenger cars came in at 2.12 million units in July, up 40 per cent year-on-year.
Car sales maintained relatively high growth, as pro-consumption measures effectively bolstered market confidence and vehicle production basically resumed normalcy after sporadic COVID-19 resurgences were contained, the report noted.
The report added that owing to the favourable conditions, the auto market has witnessed sound momentum in this year’s slack season of July.
In June, the country’s car makers raked in a total of CNY835.1 billion in revenues, up 21 per cent year on year, and their combined profits stood at CNY59.5 billion, 47 per cent higher than a year ago.
