TM - China auto sales cool off in June but end the first half of the year up 10%

2023-07-11 13:43:45 ET

Automobile sales in China rose 4.9% year-over-year in June to 2.62M for the broad category that includes passenger and commercial vehicles, according to the China Association of Automobile Manufacturers. However, monthly retail sales fell 2.8% during the month. New energy vehicle sales rose 35% to 806K units during the month, with demand strong and new models a factor.

For the first half of the year, auto sales in China rose 9.8%  from a earlier to 13.2M units, with electric vehicle providing a growth jolt. Sales of SUVs, sedans, and minivans rose to 11.3M during the six-month period. CAAC earlier that forecast this year's annual sales growth might fall to as low as 3%.

Following the update, Bank of America analyst Ming Hsun Lee said Chinese auto demand witnessed a recovery, driven by the government’s stimulus policy and new models launch. On the other side, export sales and NEV sales were noted to stay in a solid growth trend.

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