China Passenger Car Association: July 2023 Automobile Retail Sales Ranking Quick Report

China Passenger Car Association: July 2023 Automobile Retail Sales Ranking Quick Report

According to the latest retail sales data from the China Automobile Dealers Association's Automotive Market Research Branch (CPCA), the domestic narrow passenger car market's retail sales reached 1.775 million units in July, down 2.3% year-on-year and 6.3% month-on-month. The cumulative sales from January to July reached 11.299 million units, up 1.9% year-on-year.

July analysis : Under the guidance of the national policy to expand automobile consumption, the Ministry of Industry and Information Technology and the Ministry of Commerce have launched a series of activities such as new energy vehicles going to the countryside, the "Hundred Cities Linkage" Auto Festival and the "Thousand Counties and Ten Thousand Towns" New Energy Vehicle Consumption Season. Auto shows and the issuance of consumer vouchers and other consumption promotion activities in various places have played a good role in boosting consumer confidence.
In July, several brands launched a new round of price wars, turning this "off-season" into a prosperous period for the auto market. The retail sales volume hit a new monthly high this year, becoming one of the rare strong July markets in recent years.

The data in this article is based on the first draft of the monthly report of the Passenger Car Market Information Joint Committee.

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