China's passenger car sales maintain robust growth in July: report-Xinhua

China's passenger car sales maintain robust growth in July: report

Source: Xinhua

Editor: huaxia

2022-08-03 19:38:00

BEIJING, Aug. 3 (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 Wednesday.

Some 1.77 million passenger cars were sold via retail channels last month, up 17 percent 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 percent 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.

It added that owing to the favorable 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 835.1 billion yuan (about 123 billion U.S. dollars) in revenues, up 21 percent year on year, and their combined profits stood at 59.5 billion yuan, 47 percent higher than a year ago.