- General
- August 6, 2020
- 2 minutes read
Brief: China Vehicle Sales Rise In July
Sales of vehicles in China rose for another month in July despite a coronavirus pandemic that has affected the country’s economy,…
Sales of vehicles in China rose for another month in July despite a coronavirus pandemic that has affected the country’s economy, according to data released by China Association of Automobile Manufacturers. In July, about 2.08 million vehicles were sold in China, up about 15% year-over-year and marking the fourth concurrent month that vehicle sales are rising in China year-over-year this year. However, this year overall, vehicle sales in total declined by 12.7% year-over-year. China is the world’s biggest car market, and buyers are apparently resuming buying in higher numbers as the government eases restrictions and, in turn, help curb an auto sales slump that has generally affected the country for the past three years.
China’s government has instituted stimulus measures such as tax rebates in order to lure car buyers in the country. It’s such that China’s market being so lucrative has lured global carmakers to spend billions of dollars to expand in the country, carmakers including the likes of Tesla, Volkswagen, and General Motors.