BYDDY - Weekly retail car sales in China surge 28%

Retail car sales in China continued to trend upward amid a post-lockdown recovery, according to the China Passenger Car Association (CPCA).

The agency reported that sales leapt 28% in the week of June 20 to June 26 from the same period in the prior year, with passenger vehicle sales rising to 487K units, up 33% from the prior year and increasing 17% from the prior month. For the month of June observed thus far, passenger car sales in the region reached 1.42M units, a year-on-year increase of 27%.

Despite the rise in sales, many of the major automakers that are either based in China or maintain strong market share in the country fell on Wednesday.

Companies impacted include Li Auto ( NASDAQ: LI ), BYD Company ( OTCPK:BYDDY ), NIO Inc. ( NIO ), Xpeng Inc. ( XPEV ), General Motors ( GM ), Toyota Motor Corporation ( TM ), and Honda Motor Company ( HMC ).

Read more on the recent short report that sent NIO shares tumbling on Tuesday .

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