July National Passenger Vehicle Retail Sales Hit 1.506 Million Units, Down 18% Year-on-Year

Preliminary statistics show that from July 1 to July 31, 2024, nationwide retail sales of passenger vehicles totaled 1.506 million units, down 18% year-over-year and down 6% month-over-month. Cumulative retail sales for the first seven months of this year reached 10.207 million units, a 20% decline compared to the same period last year. During the same period, wholesale deliveries by passenger vehicle manufacturers across the country amounted to 2.241 million units, up 1% year-over-year but down 5% month-over-month. Year-to-date wholesale volume totaled 14.788 million units, down 5% year-over-year. In the new energy vehicle (NEV) segment, NEV retail sales in July reached 970,000 units nationwide, down 2% year-over-year and down 4% month-over-month. Cumulative NEV retail sales for the first seven months stood at 5.675 million units, down 12% year-over-year. Meanwhile, NEV wholesale volume by manufacturers reached 1.463 million units in July, up 24% year-over-year and down 1% month-over-month. Year-to-date NEV wholesale volume totaled 8.251 million units, an 8% increase year-over-year. In July, the national NEV retail penetration rate was 64.4%, while the NEV wholesale penetration rate among manufacturers stood at 65.3%.