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Auto sales surge for 3 consecutive months

By Yang Yang | chinadaily.com.cn | Updated: 2020-07-07 11:07

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

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.

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.

Meanwhile, seven out of SAIC's 11 vehicle subsidiaries achieved year-on-year sales growth in the same month, showing strong momentum.

A number of other auto companies have also reported strong recoveries in June sales, with Geely Auto's June sales up about 21 percent year-on-year, Toyota China up 22.8 percent year-on-year, Nissan China up 4.5 percent year-on-year, and Dongfeng Motor up 9.8 percent year-on-year.

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