China's automobile industry continued to show strong growth in the first seven months of this year, according to data released by the China Association of Automobile Manufacturers on August 9. The country produced 4.133 million vehicles and sold 4.0061 million units from January to July, representing year-on-year increases of 26.77% and 24.29%, respectively. Passenger cars saw the most significant growth, with both production and sales rising by over 30%. In fact, some segments of the passenger car market experienced sales growth exceeding 40%.
The data also revealed that passenger car production reached 2.9698 million units, up 36.20% year-on-year, while sales hit 2.848 million, an increase of 32.14%. Commercial vehicle production and sales stood at 1.1657 million and 1.1581 million units, respectively, showing growth of 7.76% and 8.43% compared to the same period last year.
July, however, marked a slowdown as the industry entered its traditional off-season. Production dropped to 498,700 units, down 12.99% from June but still up 12.09% year-on-year. Sales fell to 467,100 units, a monthly decline of 16.12%, though they were up 7.83% compared to July 2022.
Among the top ten automakers, which accounted for 83.49% of total sales, SAIC, FAW, Dongfeng, Changan, BAIC, Chery, Hafei, Guangzhou Auto, Geely, and Brilliance collectively sold 3.3447 million vehicles in July. These companies continue to lead the market, driving much of the growth in the Chinese auto sector.
With the automotive industry showing resilience despite seasonal fluctuations, analysts expect continued momentum in the coming months as consumer demand remains strong and new models are introduced.
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