Car sales in China up for the fourth consecutive month – 2.08 million cars sold in July, up 15% from July 2019 – paultan.org
Vehicle sales in China is up for the fourth consecutive month, and according to the China Association of Automobile Manufacturers, roughly 2.08 million cars were sold in July 2020.
The figure is a healthy 15% increase over the same period in 2019, raising expectations that the country’s auto slump that’s currently in its third year could be coming to an end. Consumer’s appetite in the world’s largest auto market is also being whet by government incentives such as tax rebates to attract car buyers, which goes on top of generous discounts offered by car brands.
The year-to-date sales tally currently stands at 12.3 million units, which is 13% down compared to the same period last year. The deficit is of course due to the lockdown that took place in the first quarter this year, but despite the encouraging recovery, challenges still remain.
For example, the ride-hailing business is reducing the need for personal car ownership, and trade tensions with the United States could thwart China’s economic recovery. Still, global auto brands such as Tesla, GM and the Volkswagen Group have invested billions of dollars to continue expanding its operations in China, in hopes of tapping into the market’s long-term growth potential.
While no breakdown for the sales figure has been provided, China car associations are said to report the final tally later this month. Private registrations for sedans and SUVs have shown signs of rebound, but according to Automotive News, commercial vehicles sales may account for a larger share this time around.
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