Automobile Sales in China Decreased in July

The automobile sales in China decreased to 2.1mn in July 2020, down by 8.2% compared to the previous month, amid a decline in consumer confidence and weak July household consumption data. The monthly decline was more severe in the commercial vehicle segment, where the sales dropped by 16.6% m/m, while the passenger car sales declined by 5.6% m/m.

Due to the decline in auto sales, the automobile inventories in China increased by 11.6% in July compared to the previous month, while the car production dropped by 5.3%.
 
China's automotive sector was heavily impacted by the COVID-19 pandemic. In the first seven months of the year the world's largest automotive market has shrunk by 12.5% compared to the same period in 2019.

Further data and analysis on China’s economy is available on the CEIC China Economy in a Snapshot – Q3 2020 report.