China’s Passenger Vehicle Sales Slump in June
Reports a 2.9% year-over-year drop in sales and the first monthly contraction since January.
China cites poor economy as reason consumers are putting off vehicle purchases.
Brett Sayles, Pexels
Sales of passenger vehicles in China took a hit in June, according to data released by the China Passenger Car Association, as poor economic conditions lead to consumer hesitancy toward big-ticket purchases.
According to CPCA data, sales were at 1.91 million units, 2.9% lower than last year. That marks the first monthly contraction since January, though sales in the first half of the year increased by 2.5%, reaching 9.65 million units.
New-energy vehicle sales, including battery-electric cars and plug-in hybrids, surged almost 25% in June, representing around 35% of the country's total. That's the fourth consecutive month for NEV sales increases. The first half of the year saw a surge of 37% in NEV sales, reaching 3.09 million units.
However, according to a Reuters calculation based on CPCA figures, Tesla's share of China's pure electric and plug-in hybrid car market declined from 10.5% in the first quarter to 8.8% in the second.
Chinese car manufacturers relied heavily on foreign markets to keep their sales growth afloat, as car exports surged by 56% in June.
Originally posted on Auto Dealer Today
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