Car sales in China slip for third consecutive month on lackluster demand

seekingalpha07-08

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...

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June experienced...</p>\n\n<a href=\"https://seekingalpha.com/news/4122504-china-car-sales-june\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4509","symbol_name":"腾讯概念","start_time":0,"source_url":"https://seekingalpha.com/news/4122504-china-car-sales-june","article_id":"2449774484","we_media_id":null,"thumbnails":["https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1468771973/image_1468771973.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2449774484","pubTimestamp":1720439561,"sourceInfo":{"source_id":"seekingalpha","name":"Seeking Alpha"},"weMediaInfo":null,"summary":"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. 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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. 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