China’s new-vehicle market rebounded for the second straight month in July after Shanghai, the country’s largest city, came out of a two-month lockdown and the central government halved sales taxes on gasoline cars at the beginning of June.
New-vehicle wholesale deliveries industrywide surged 30 percent year on year to nearly 2.42 million last month after advancing 24 percent in June, according to data the China Association of Automobile Manufacturers released on Thursday.
As in June, the market bounce came as a result of robust demand for new light vehicles, which jumped 40 percent to exceed 2.17 million in July.
By contrast, demand for new commercial vehicles such as buses and trucks remained weak due to a slowing national economy and the absence of tax incentives, with volume slumping 22 percent to some 246,000.
In the first seven months, new-vehicle sales industrywide dipped 2 percent to 14.48 million. Light-vehicle sales rose 8.3 percent to 12.53 million while commercial-vehicle shipments fell 39 percent to below 1.95 million during the 7-month period.
Electrified-vehicle sales continue to surge, rising 120 percent to approach 593,000 last month.
July shipments of full-electric vehicles spiked 110 percent to around 457,000 while sales of plug-in hybrids soared 170 percent to some 135,000.
Electrified-vehicle sales industrywide have rallied 120 percent to top 3.19 million this year through July, with EV deliveries jumping 100 percent to 2.52 million and plug-in hybrid volume rising 170 percent to 674,000.