The growth momentum of China's passenger vehicle market is accelerating with industrial data showing rising retail and wholesale sales, and the government expecting rapid growth in the months ahead.
Some 1.92 million passenger cars were sold via retail channels in June, up 22 percent year-on-year and up 42 percent over May, initial statistics from the China Passenger Car Association (CPCA) showed.
Wholesale sales of passenger cars topped 2.11 million units last month, up 37 percent year-on-year.
Meanwhile, the country's retail sales of electric cars could set a record high by nearing 500,000 units in June, the association estimated.
Several major Chinese electric vehicle (EV) makers reported record deliveries last week, with at least five companies saying their deliveries were over 10,000 in June. Xpeng Motors reported it delivered 15,295 vehicles to customers in June, up 133 percent from a year ago. NIO delivered 12,961 vehicles in June, up 60 percent year-on-year.
The CPCA attributed the robust June auto market to the country's raft of pro-consumption measures, such as cuts to car purchase taxes for certain low-emission models.
The association also pointed that the current policy has supported the sales, but most obvious effect of the policy can be seen in the fourth quarter.
Meanwhile, China's Ministry of Commerce on Thursday issued 16 new measures to expand automobile consumption in the country, stressing the importance of supporting EVs and stimulating the used-car market.
In a statement on its website, the ministry also said China's automobile consumption is expected to achieve rapid growth in the second half of the year.
(With input from Xinhua News Agency; Cover via CFP)