China|China’s car sales have fallen for three months in a row, despite government incentives. The share of electric cars and plug-in hybrids has increased and is already close to half of all cars sold.
China’s car sales fell by 6.9 percent in June compared to the same time last year. Sales have fallen for three months in a row.
The fierce price competition that China started in 2023 stimulated the car market at the beginning of the year, but the effect has not continued in recent months, even though the government announced new incentives for car buyers in April.
This was reported by the news agency Reuters.
Passenger cars 1.78 million units were sold in China in June, according to the Chinese Passenger Car Association CPCA.
In the first half of the year, 9.93 million cars were sold, which was 2.9 percent more than a year earlier.
The share of electric cars and plug-in hybrid cars in the cars sold rose to a new record in June. Their share of the cars sold in June was 48.1 percent.
The record was reflected in the sales figures of electric car manufacturers. Chinese electric car giant BYD and newer manufacturers Nio, Zeekr and Leapmotor set new monthly sales records.
Despite the record month, the growth in sales of electric cars fell to 9.9 percent, while in May sales increased by 27.4 percent.
Car exports, on the other hand, grew by 28 percent in June compared to the previous year, while in May the growth was 23 percent.
However, export growth is expected to fade due to EU regulations import duties because of.
The weakening of demand is also illustrated by the inventory alert index, which follows inventory balances and sales figures compiled by the China Automobile Dealers Association, which rose by 8.3 percentage points year-on-year to 62.3 percent.
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