CAAM: July Auto Sales Dip 8% MoM, Down 0.3% YoY

According to data from the China Association of Automobile Manufacturers (CAAM), in July 2024, China produced and sold 2.573 million and 2.584 million vehicles, respectively—down 6.8% and 8.0% month-on-month, and down 0.7% and 0.3% year-on-year. From January to July, vehicle production and sales totaled 17.567 million and 17.602 million units, respectively, both down 3.7% year-on-year. In July, domestic vehicle sales reached 1.541 million units, a decrease of 13.1% month-on-month and 23.6% year-on-year. Of these, domestic sales of conventional fuel-powered vehicles amounted to 533,000 units, down 18.4% month-on-month and 45.7% year-on-year. From January to July, domestic vehicle sales totaled 11.462 million units, down 21.4% year-on-year, including 5.364 million units of conventional fuel-powered vehicles, down 30.1% year-on-year. In July, vehicle exports reached 1.043 million units, up 0.6% month-on-month and 81.3% year-on-year. Among them, new energy vehicle (NEV) exports totaled 553,000 units, up 5.7% month-on-month and 150% year-on-year; exports of conventional fuel-powered vehicles reached 490,000 units, down 4.6% month-on-month but up 40% year-on-year. From January to July, total vehicle exports reached 6.14 million units, up 66.8% year-on-year, including 2.909 million NEVs (up 120% year-on-year) and 3.231 million conventional fuel-powered vehicles (up 36.2% year-on-year).