Mainland China's new energy vehicle retail sales fell 9.4% in

The China Passenger Car Association announced that in June, national passenger car market retail sales were 1.6M units, down 23.2% year-on-year and up 6.1% month-on-month; cumulative retail sales since the beginning of the year were 8.7M units, down 20.2% year-on-year.

In June, new energy passenger car market retail sales were 1.01M units, down 9.4% year-on-year and up 6% month-on-month; in the first six months, new energy passenger car market retail sales were 4.7M units, down 14% year-on-year.

Looking ahead to July, the Association noted that July has 23 working days, with relatively ample time for production and sales. With international oil prices plunging to around $70, a sharp drop in PPI, improved overseas demand for fuel vehicles, and increased production and sales of new energy vehicle products following the implementation of new national standards for batteries, the July auto market will enter a period of structural improvement. Exports are expected to remain strong, with the wholesale side maintaining a strong willingness to ship, but terminal retail is constrained by consumer confidence and wait-and-see sentiment, leaving limited room for improvement. The growth rate gap between wholesale and retail may continue to widen.