Association Release | Car Market Scan (July 10-July 16, 2023)
Passenger cars: From July 1st to 16th, the retail sales of 686000 vehicles in the passenger car market increased by 0% year-on-year and decreased by 4% year-on-year. Since the beginning of this year, the cumulative retail sales have reached 10.21 million vehicles, a year-on-year increase of 3%; National passenger car manufacturers wholesale 726000 vehicles, an increase of 1% year-on-year and a decrease of 4% year-on-year. Since the beginning of this year, a total of 11.794 million vehicles have been wholesale, an increase of 8% year-on-year.
New energy: From July 1 to 16, the retail sales of Alternative fuel vehicle in the market were 267000, up 7% year on year and down 3% year on month. Since the beginning of this year, the cumulative retail sales have reached 3.354 million vehicles, an increase of 34% year-on-year; National passenger car manufacturers wholesale 272000 new energy vehicles, a decrease of 7% year-on-year and a growth of 4% year-on-year. Since the beginning of this year, a total of 3.816 million vehicles have been wholesale, a year-on-year increase of 38%.
In the first week of July, the average daily retail sales of 37000 vehicles in the national passenger car market decreased by 7% year-on-year and 2% month on month.
In the second week of July, the daily average retail sales of 51000 vehicles in the national passenger car market increased by 7% year-on-year and decreased by 5% month on month.
From July 1st to 16th, the retail sales of 686000 vehicles in the passenger car market increased by 0% year-on-year and decreased by 4% compared to the same period last month. Since the beginning of this year, the cumulative retail sales have reached 10.21 million vehicles, an increase of 3% year-on-year.
Due to the car purchase tax reduction in July last year driving sales, and this year being a normal sales time, the year-on-year decline at the beginning of the month is quite normal. July, as the traditional off-season of the car market, will to some extent restrict consumers from purchasing cars in stores due to the high temperature weather. However, local stimulus policies remain strong, and prices are still at their peak, with consumers feeling less wait-and-see. The strengthening in the second week of July was still better than expected, reflecting the strong resilience of consumption and the good driving effect of market activities.
This year is the first summer vacation after three years of control since 2020, with a high enthusiasm for travel and entertainment. Buying or changing cars for travel is also a new choice for some families, which is conducive to car purchasing and consumption. The local market is also facing activity scenarios such as summer school pick-up and drop offs and short distance summer camps, which continue to benefit the acquisition and recovery of travel market orders.
Recently, the General Office of the Ministry of Commerce issued a notice on organizing automobile consumption promotion activities. The Ministry of Commerce will coordinate the "100 city linkage" automobile festival and the "Thousand counties and ten towns" new energy vehicle consumption season activities. The activity of promoting automobile consumption has been carried out in a large area in various regions, and some regions have carried out a large number of auxiliary measures such as issuing Voucher, which further boosted the enthusiasm of automobile consumption.