China Auto Sales surge
Auto Sales

Auto sales surge for 3 consecutive months

As China’s economy continues its recovery, the automobile industry witnessed sales growth for three consecutive months, Securities Times reported on Tuesday.

China’s auto sales are projected to increase 11 percent year-on-year to 2.28 million in June, according to the China Association of Automobile Manufacturers.

The auto market as a whole has returned to positive growth starting from April, with auto sales increasing 4.4 percent and 14.5 percent year-on-year respectively, according to the China Association of Automobile Manufacturers.

China’s auto dealer inventory warning index stood at 56.8 percent in June, up 2.6 percent month-on-month and 6.4 percent year-on-year, according to data released by the association.

The transaction volume of the country’s secondhand car market was 1.17 million in May, up 5.34 percent month-on-month and 1.01 percent year-on-year, the first monthly positive growth this year, and accumulated transaction volume reached 72.65 billion yuan.

China Auto sales surge
An Audi R8 attracts attention at the Shanghai auto show in 2019. [Photo by Li Fusheng/China Daily]

SAIC Motor, an industry bellwether, sold 479,000 vehicles in June, a year-on-year increase of 2.8 percent according to the latest production and sales report released by SAIC Group on July 6.

Read full story http://global.chinadaily.com.cn/a/202007/07/WS5f03e6f7a310834817257b70.html

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