China auto sales jump 16.4% YoY in July

Shanghai (Gasgoo)- China auto outputs and sales reached 2.201 million units and 2.112 million units in July, jumping 21.9% and 16.4% from the year-ago period respectively, according to the China Association of Automobile Manufacturers (CAAM).

The overall increase mainly stemmed from the vigorous growth achieved by the CV unit, which plays an important role in infrastructure construction highlighted by the government to stimulate the national economic growth curbed by the COVID-19 pandemic.

In July, China’s CV sales surged 59.4% year on year to 447,000 units. The sales hike should be entirely attributable to the 71.1% leap in truck sales, which offset the 15.1% decrease in bus sales.

There were 1.729 million PVs output in July, representing a 13.2% year-on-year growth. As for sales, the PV unit posted an 8.5% increase, 6.7 percentage points higher than the growth achieved in June.

The contributing factors to PV's rising performance include the 4.6% and 14% growth gained by the car and SUV sectors respectively. MPV sales volume edged down 0.7% over a year ago, while it can barely affect the general momentum.

The decrease in the country's Jan.-Jul. auto outputs and sales stood at 11.8% and 12.7% respectively, continuing to shrink over the previous months and performing better than what the association expected. 

The NEV production and sales volumes jumped 15.6% and 19.3% from a year earlier to 100,000 units and 98,000 units in July, showing this year’s first-time year-on-year growth.

According to the CAAM's data, the sales of new energy PVs leapt 28.7% to 89,000 units, including 70,000 BEVs (+38.1%) and 19,000 PHEVs (+3.2%).

For the first seven months, NEV sales still dwindled 32.8% to 486,000 units due to the previous drawn-out downturn. The outputs and sales of fuel cell vehicles amounted to 397 units and 407 units, plunging 66.1% and 63.2% over the prior-year period.