China’s Passenger-Car Retail Sales Fell 18% in July as New-Energy Penetration Reached 64.4%

Preliminary data from the China Passenger Car Association shows that China’s passenger-car retail sales reached 1.506 million units in July, down 18% year over year and 6% from June. Cumulative retail sales for the year stood at 10.207 million units, down 20% year over year. New-energy vehicle retail sales were 970,000 units, down 2%, while their retail penetration rate reached 64.4%. New-energy wholesale sales rose 24% year over year to 1.463 million units, indicating a widening gap between production-side shipments and consumer retail demand.