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By Li Panpan
(JW Insights) Jul 7 -- The retail sales of passenger cars in China reached 1.896 million in June, up by 9% month on month but down by 2% year on year, said data from the China Passenger Car Association (CPCA) released this week.
The data reflects that China"s passenger car market has gradually resumed growth after a period of downturn. Although the overall market environment is still complex and severe, consumers" demand for passenger cars is still strong, with huge market potential.
The CPCA data shows that the cumulative retail sales of passenger cars this year reached 9.528 million, a year-on-year increase of 3%. This further confirms the strong resilience and potential of China"s passenger car market despite facing many challenges.
The wholesales of passenger car manufacturers in China reached 2.23 million in June, a year-on-year increase of 2% and a month-on-month increase of 11%, said CPCA. The data shows that manufacturers" confidence in the market is gradually recovering, with production and sales returning to normal.
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