China auto sales grow in July, tally four-month win streak
July had seen China’s automobile sales advancing 16.4% from a year ago. This came to be the industry’s fourth consecutive month of gains as the world’s biggest vehicle market emerges from low levels brought by the coronavirus pandemic.
Last month, sales advanced to 2.11 million vehicles. However, the record is still down 12.7% for the year to date at 12.37 million vehicles, according to wholesale sales data released by the China Association of Automobile Manufacturers.
The association anticipates a 10% contraction in auto sales this year. The estimate excluded the effects of a second wave of coronavirus infections which could further inflict a 20% decline.
Though the outlook is subdued, a 19.3% jump in sales of new energy vehicles came as an encouraging sign for many global automakers that have invested in electric vehicles for the Chinese market.