SunSirs: The Retail Sales of China National Passenger Car Market Decreased 6.7% Year-on-year to 1.767 Million Vehicles in June

On July 8th, the latest data released by the China Association of Automobile Manufacturers showed that in June, the retail sales of the national passenger car market reached 1.767 million vehicles, a year-on-year decrease of 6.7% and a month on month increase of 3.2%. In the first half of the year, the cumulative retail sales reached 9.841 million vehicles, a year-on-year increase of 3.3%.

The institution pointed out that the external uncertainty of the economy has significantly increased in June, and effective internal demand is still insufficient. The expectations of enterprises and residents are not strong. But with the gradual effectiveness of the national "trade in" policy, the introduction and follow-up of corresponding policy measures in various regions, and the issuance of Beijing's license plates to stimulate consumption, coupled with the temporary cooling of the price war for new products in the car market, the "618" promotion has driven the end of half a year sprint, and the consumption enthusiasm of the early market observation group has been stimulated. In June, the national passenger car market maintained a relatively good development stage.

It also stated that based on the progress of completing 43% of the total sales in the first half of 2023, the retail sales of passenger cars are expected to exceed 22 million units this year.

Data shows that the retail sales of new energy vehicles in the market in June were 856,000 units, a year-on-year increase of 28.6% and a month on month increase of 6.4%. The retail sales from January to June reached 4.111 million units, an increase of 33.1% compared to the same period last year.

In June, the export of passenger cars (including whole vehicles and CKD) reached 378,000 units, a year-on-year increase of 28%, and remained unchanged month on month. Among them, new energy vehicles accounted for 21% of the total export volume, a decrease of 3 percentage points compared to the same period.

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