NEVs and exports continue to drive China’s auto industry

The Light Vehicle (LV) production and sales pace slowed slightly in July in the Chinese market. LV wholesales (which include sales allocated for export) came to 2.37 million units, down 3%. At a component level, total Personal Vehicle (PV) wholesale volume reached 2.14 million units, down by -3% in the month. At the same time, the Light Commercial Vehicle (LCV) segment kept growing, increasing by 5% year-on-year (YoY) to a total of 231k units. On a month-on-month (MoM) basis, PV sales decreased by 7%, and LCV sales decreased by 13% in July. Since the beginning of this year, cumulative LV wholesales have reached 15.39 million units, an increase of 7%. On the production side, total China LV production in July was 2.33 million units, decreasing by 3% YoY and 5% MoM.

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