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China's passenger car sales maintain robust growth in July: report

Updated: Aug 03,2022 21:10    Xinhua

BEIJING — China's passenger car market continued to see robust sales growth in July thanks to a boost in consumer sentiment and restored production, according to a report released on Aug 3.

Some 1.77 million passenger cars were sold via retail channels last month, up 17 percent year-on-year, showed initial statistics in the report by the China Passenger Car Association.

Wholesales of passenger cars came in at 2.12 million units in July, up 40 percent year-on-year.

Car sales maintained relatively high growth, as pro-consumption measures effectively bolstered market confidence and vehicle production basically resumed normalcy after sporadic COVID-19 resurgences were contained, the report noted.

It added that owing to the favorable conditions, the auto market has witnessed sound momentum in this year's slack season of July.

In June, the country's car makers raked in a total of 835.1 billion yuan (about $123 billion) in revenues, up 21 percent year-on-year, and their combined profits stood at 59.5 billion yuan, 47 percent higher than a year ago.

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