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July 12, 2018

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Auto sales rise 5.6% to beat expectations

China’s auto sales beat expectations by rising 5.6 percent from a year ago to 14.06 million vehicles in the first half of this year, according to data from the China Association of Automobile Manufacturers.

Growth in vehicle sales and production remained stable last month, CAAM said. In June, auto sales climbed 4.8 percent from a year earlier to 2.27 million vehicles, data from CAAM showed.

“The 5.6 percent sales growth rate in the first half of this year is 1.8 percentage points faster than that of the previous year. The overall performance in the first six months was better than what we expected at the beginning of this year,” CAAM said.

Sales increase in the first six months was mainly powered by robust sales of new-energy vehicles and rising market demand amid a stable economic environment, according to CAAM.

In the first six months of this year, production of new-energy vehicles surged 94.9 percent from the same period last year to 413,000, while vehicles sold jumped 111.5 percent year on year to 412,000.

Between January and June, sales of electric vehicles surged 96 percent to 313,000 units year on year. Sales of plug-in hybrids jumped 181.6 percent from a year earlier to 99,000 units.

“New-energy vehicles have become the main driver behind the sales growth of China’s automobile market,” said Cui Dongshu, secretary-general of the China Passenger Car Association, another industry group.


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