On August 9, the China Passenger Car Association released its market analysis report for July. In the past month, the retail sales of passenger cars in the country reached 1.818 million units, up 20.4% year-on-year – the second-highest growth rate in the past 10 years.
In July, retail sales of luxury car brands totaled 220,000 units, a year-on-year increase of 14%, while retail sales of independent brands totaled 850,000 units, a year-on-year increase of 34%.
Retail sales of mainstream joint venture brands reached 740,000 vehicles, up 10% year-on-year. In July, 2.158 million passenger cars were produced, up 41.6% year-on-year, showing effective measures on ensuring supply chain. From January to July, the production of automobile enterprises reached 12.386 million vehicles, up 11.8% year-on-year.
The wholesale volume of new energy passenger cars reached 564,000 units during the month, and the retail sales volume reached 486,000 units in July. 49,000 new energy passenger cars were exported, including 19,756 from Tesla China, 13,413 from SAIC, 4,026 from BYD, 1,382 from NETA Auto and 1,261 from Geely.
There were 16 enterprises with wholesale exceeding 10,000 vehicles during the month, including BYD’s 162,214 units, SAIC-GM-Wuling’s 59,336 units, Geely’s 32,030 units, Tesla China’s 28,217 units and GAC AION’s 25,033 units. The wholesale volume of EV startups such as NETA Auto, Leapmotor, NIO, Li Auto, and XPeng ranged from 10,051 to 14,037 vehicles.
In 2022, the overall progress of China’s new energy vehicle market has exceeded the forecast of the CPCA at the end of last year – 5,500,000 units. Therefore, the CPCA said that it is necessary to raise the forecast to 60 million units, and it is still possible to raise that again at the beginning of the fourth quarter.