China Association of Automobile Manufacturers: Passenger car and commercial vehicle production and sales both decreased month-on-month and year-on-year in July, while automobile exports maintained a relatively fast year-on-year growth

On Friday, August 9th, the China Association of Automobile Manufacturers released the production and sales data for the automotive industry in July. In July, the auto market entered the traditional off-season, with some manufacturers taking high-temperature breaks. The production and sales pace slowed down, and the overall market performance was relatively flat, showing a decrease both month-on-month and year-on-year. Specifically, both passenger cars and commercial vehicles saw a decrease in production and sales month-on-month and year-on-year, while new energy vehicles and car exports continued to maintain rapid growth year-on-year. In July, the production and sales of automobiles reached 2.286 million and 2.262 million units respectively, with a month-on-month decrease of 8.8% and 11.4%, and a year-on-year decrease of 4.8% and 5.2% respectively. From January to July, the production and sales of automobiles reached 16.179 million and 16.31 million units respectively, with a year-on-year increase of 3.4% and 4.4% respectively. The growth rate of production and sales narrowed by 1.5 and 1.7 percentage points compared to January to June. In July, domestic automobile sales in China were 1.793 million units, with a month-on-month decrease of 13.3% and a year-on-year decrease of 10.1%; car exports were 469,000 units, with a month-on-month decrease of 3.2% and a year-on-year increase of 19.6%. Passenger car production and sales reached 2.03 million and 1.994 million units respectively, with a month-on-month decrease of 6.8% and 10%, and a year-on-year decrease of 4% and 5.1% respectively. From January to July, domestic automobile sales in China were 13.048 million units, a year-on-year decrease of 0.3%; car exports were 3.262 million units, a year-on-year increase of 28.8%. Passenger car production and sales reached 13.917 million and 13.974 million units respectively, with a year-on-year increase of 3.9% and 4.5% respectively. The market share of Chinese brand passenger cars further increased, with Chinese brand passenger car sales reaching 1.323 million units in July, a year-on-year increase of 10.1%, with a market share of 66.4%, up by 9.2 percentage points; From January to July, Chinese brand passenger car sales reached 8.742 million units, a year-on-year increase of 21.6%, with a market share of 62.6%, up by 8.8 percentage points. New energy vehicles performed well, maintaining rapid growth in production and sales year-on-year. In July, new energy vehicles produced and sold 984,000 and 991,000 units respectively, with a year-on-year increase of 22.3% and 27%, and new energy vehicles accounted for 43.8% of total new car sales. From January to July, new energy vehicles produced and sold 5.914 million and 5.934 million units respectively, with a year-on-year increase of 28.8% and 31.1%, and new energy vehicles accounted for 36.4% of total new car sales On the export side, car exports have grown rapidly year-on-year. According to the China Association of Automobile Manufacturers, in July, car exports reached 469,000 units, a decrease of 3.2% month-on-month but an increase of 19.6% year-on-year. From January to July, car exports reached 3.262 million units, a 28.8% year-on-year increase. In addition, data from the General Administration of Customs shows that in July, 553,000 cars were exported, and from January to July, 3.484 million cars were exported, a 25.5% year-on-year increase. Among the top ten companies in terms of car exports in July, Chery exported 90,000 units, a 17.2% year-on-year increase, accounting for 19.2% of the total export volume. Compared to the same period last year, Jiangqi's export growth was the most significant, reaching 22,000 units, a doubling year-on-year increase. From January to July, among the top ten companies in terms of car exports, BYD saw a 1.4-fold year-on-year increase in exports to 238,000 units; Great Wall saw a 58.8% year-on-year increase to 240,000 units; and Changan saw a 57.9% year-on-year increase to 326,000 units. Furthermore, according to data compiled by the China Association of Automobile Manufacturers for January to June: New energy vehicle exports reached 999,000 units, a 25.7% year-on-year increase. In terms of export destinations, Russia, Mexico, and Brazil ranked in the top three. The top three markets for new energy vehicle exports were Brazil, Belgium, and the United Kingdom. The China Association of Automobile Manufacturers stated that the overall output of China's economy continues to expand, the manufacturing industry's business index has slightly declined, and business expectations remain optimistic