Global light vehicle market sees moderate growth in July

Summary

• The Global Light Vehicle (LV) selling rate rose for the fifth consecutive month in July, reaching 95 million units/year from a revised figure of 94 million units/year in June. Despite continued year-on-year (YoY) growth, global LV sales for July recorded a moderate 5.5% YoY increase following a run of stronger growth over previous months.

• While the USA, Western and Eastern Europe all registered double digit YoY growth in July, China and Korea both experienced YoY declines. For both countries, the decline in performance was largely due to comparatively strong levels in 2022, as well as the expected additional excise duty finally being implemented in Korea. With reduced consumer spending in China, several automotive firms have slashed prices to help stimulate demand in the region.

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