Chinese automobile retail sales and wholesales increase in July

Gasgoo.com (Shanghai July 28) - Retail sales of Chinese automobiles grew 18 percent in July, China Securities News reported today, citing a recently released study conducted by the China Passenger Car Association. Automobile wholesales increased 16 percent.

According to the CPCA, daily sales of automobiles in July averaged 31,300 units. That figure represents year-on-year growth of 27 percent, and is six percent higher than average rates from June. Retail sales and wholesales for July totaled 1.1 million units and 1.18 million units, respectively.

In its study, the CPCA describes the complexity of various economic circumstances in the market in July. Wholesales have been growing over the first three weeks of the month.

Meanwhile, the China Automobile Dealers Association revealed that the used car market has entered a slow period, with used car sales totaling 406,200 units in July, down 9.42 percent from the previous month. Sales in different regions experienced various degrees of negative growth. The value of sales in the market totaled 23.49 billion yuan ($145.04b), 8.93 percent less than the figure reported in June.