On August 10th, the China Association of Automobile Manufacturers (CAAM) announced the latest production and sales data.

Data shows that in July of this year, China's automobile production and sales were 2.401 million and 2.387 million, respectively. This represents a month-on-month decrease of 6.2% and 9%, as well as a year-on-year decrease of 2.2% and 1.4%.

Photo source: China Association of Automobile Manufacturers (CAAM)

From January to July, the cumulative production and sales were 15.65 million and 15.626 million, respectively, representing an increase of 7.4% and 7.9%. The cumulative growth rate of production and sales was 1.9 percentage points lower than that of January to June.

CAAM pointed out that there is a significant base effect from the same period last year, which is affecting the traditional car market during its off-season. The pace of production and sales slowed down in July, resulting in relatively flat overall market performance for both the quarter and a year-on-year decline.

However, compared to the domestic market, China's automobile export volume continues to perform well.

Data shows that in July, domestic automobile sales reached 1.95 million units. The number of exports in the current month was 392,000 units, which is a record high for automobile exports. This represents a decrease of 10.9% compared to the previous month and a decrease of 6.3% compared to the same period last year. It is a 2.6% decrease month-on-month and a 35.1% decrease year-on-year.

From January to July, the domestic sales volume of automobiles was 13.094 million, representing a 1% increase. Automobile exports reached 2.533 million units, representing a 67.9% increase compared to the previous year.

In the overall flat July production and sales data, the performance of the new energy vehicle market remains excellent.

Photo source: China Association of Automobile Manufacturers (CAAM)

In July, China produced and sold 805,000 and 780,000 new energy vehicles, respectively. This represents an increase of 30.6% and 31.6%, and the market share has reached 32.7%.

From January to July, the production and sales of new energy vehicles completed 4.591 million and 4.526 million, respectively, an increase of 40% and 41.7%, and the market share reached 29%. From the current growth momentum of the new energy vehicle market, it is not difficult make a judgment that the market share is expected to soon exceed 30%.

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