Passenger car sales in China slipped in July by 6.2pc from the prior-year period, according to data released by the Chinese auto association. Semiconductor shortage contributed to the drop in sales.
Passenger vehicle sales which include sedans, SUVs, and multipurpose vehicles stood at 1.5mn units in July. Sales are, however, up by a marginal 1pc from 2019 levels.
Sales dropped by 4.9pc in July from the month prior. In Jan-July, sales rose 22.9pc to 11.45mn units from Jan-July 2020. Sales growth in this period can be attributed to the low base year when passenger car sales toppled by 19pc.
Shortage of semiconductors and rising raw material prices in the first half of the year affected sales. Retail sales of passenger new electric vehicles were 222,000 units, up 169.4pc from a year ago. The wholesale volume of new-energy passenger vehicles grew by 202.9pc to 246,000 units from the prior-year period.