China's passenger vehicle sales up 70.5 percent in July
Auto sales are traditionally weak in July, but not this year. Passenger vehicle sales for the month reached 832,600 units, a surge of 70.5 percent from a year earlier, according to the latest sales report from the China Association of Automobile Manufacturers (CAAM).
That brought the total number of passenger vehicles sold in the first seven months to approximately 5.4 million units, up 30.9 percent year-on-year.
Strong sales growth so far this year has come mainly as a result of the 50 percent purchase tax on vehicles with engine displacement of 1.6 liters and below. But CAAM says larger vehicles have also resumed growth thanks to the recovery of the domestic economy.
China's GDP growth reached 7.9 percent in the second quarter of this year, up from 6.1 percent in the first quarter.
According to CAAM, some 3,845,000 sedans, 310,200 SUVs and 1,090,600 minivans were sold across the country in the first seven months; up by 27.0 percent, 18.1 percent and 60.0 percent year-on-year respectively. But sales of MPVs dropped 4.8 percent to 120,100 units.
In July alone, all segments of the auto market recorded robust sales growth: sales of sedans, MPVs, SUVs and minivans increased by a respective 66.7 percent, 19.7 percent, 60.94 percent and 103.1 percent on an annual basis to 601,500 units, 17,600 units, 58,400 units and 155,100 units.
