DKart
Passenger car sales in China dropped for the third consecutive month in June despite price reductions and government incentives, highlighting a persistent weakness in consumer demand.
June experienced a 6.9% decline in vehicle sales compared to the last year. Previously, May saw a 2.2% drop, and April saw a 5.8% fall.
Sales totaled ~1.77M vehicles in June, up 3.2% M/M. However, for the first half, car sales were up 2.9% to 9.93M vehicles.
A record 48.1% of domestic auto sales in June were made up of NEVs, or New Energy Vehicles, which include plug-in hybrids and pure electric vehicles, or EVs.
Sales of plug-in hybrids increased by 67.2%, up from a 61.1% increase the previous month, while electric vehicle sales growth slowed to 9.9% in June from 27.4% in May.
Passenger car production in June was ~2.13M units, down 2.8% Y/Y and up 6.9% M/M, according to data by China Passenger Car Association (CPCA).
In June, 80,000 NEVs were exported from China, up 12.3% Y/Y and down 15.2% M/M. They accounted for 21% of passenger car exports. EU slamming China with tariffs on EVs is likely to have a detrimental impact on these export figures.
However, BYD Company (OTCPK:BYDDF) set a new sales record in Q2, driven by price cuts across most models.
More tickers to watch: NIO (NIO), XPeng (XPEV), Li Auto (LI), Geely Automobile (OTCPK:GELYF)