China's passenger car production and sales will maintain overall growth from January to July 2024

Despite the weak performance of China's passenger car market in July, from the overall situation from January to July 2024, China's passenger car production and sales still maintained a growth trend. From January to July, passenger car production and sales were 13.917 million and 13.974 million, respectively, up 3.9% and 4.5% year-on-year. Among them, the production and sales of sports utility vehicles (SUVs) showed a slight increase, while the production of basic passenger cars (sedans) decreased slightly and sales increased slightly, while the production and sales of multi-purpose passenger cars (MPVs) and crossover passenger cars showed a slight decrease. Specifically, in July, passenger car production and sales were 2.03 million and 1.994 million, respectively, down 6.8% and 10% month-on-month, and down 4% and 5.1% year-on-year. However, despite the weak performance of the domestic market, passenger car exports performed strongly, with exports of 399,000 units in July, up 1% month-on-month and 22.4% year-on-year.