The Magazine for Asian Investors
The China Association of Automobile Manufacturers (CAAM) reported that China’s auto sales rose 29.7% year on year to 2.42 million vehicles in July. This was a continuation of June’s recovery, driven by the easing of COVID-19 curbs and the provision of government incentives.
Auto sales are down 2% in the first seven months compared to the same period in 2021.
Sales of new energy vehicles (NEVs), including battery electric vehicles, hybrid electric cars, and hydrogen fuel cell vehicles, increased 120% in July compared to the same month last year.
As for CAAM, it tracks auto sales across a broad spectrum. These include passenger cars, buses, and trucks.
The China Passenger Car Association (CPCA) monitors retail car sales. It reported July car sales earlier this week.