China’s locally-made PV retail sales anticipated to grow 17.8% YoY in July 2022: CPCA

Shanghai (Gasgoo)- China's passenger vehicle ("PV") retail sales are anticipated to reach 1.77 million units in July 2022, growing 17.8% and 10.7% compared to the same span of 2021 and 2020, respectively, according to the China Passenger Car Association ("CPCA").

For clarity, the passenger vehicles hereby refer to the cars, SUVs, and MPVs locally produced in the world's largest auto market.

The daily PV retail sales for the first and second weeks of July reached around 39,600 units and 47,900 units, both rising 16% from the year-ago period, according to the data offered by main automakers in China and compiled by the CPCA.

According to the association's prediction, the average daily PV retail volumes might amount to 58,000 units and 90,000 units in the third and fourth weeks of July, jumping 19% and 17% from the corresponding period of last year.

In addition, the retail sales of new energy passenger vehicles in July are expected to surge 102.5% year on year to around 450,000 units, the CPCA added.

The vehicle supply continued to improve in July thanks to the efficient epidemic prevention and control and the stable running of the automotive supply chain and vehicle production, said the CPCA. Besides, the extended policies for boosting car consumption and the release of a new round of subsidies in some regions contributed to the blooming demands in China's PV market last month.