China’s vehicle sales rise by 23% to 1.85m units in July

SINGAPORE (ICIS)–China’s vehicle sales grew by 23% year on year to 1.85m units in July but fell by 10.6% from the previous month, official data showed on Friday.

The country’s output of vehicles rose by 28.9% year on year to 1.96m units in July but slipped by 4.4% from June this year, according to the China Association of Automobile Manufacturers (CAAM).

Sales of passenger cars rose by 26.3% year on year to 1.6m units. On a month-on-month basis, sales of passenger cars fell by 10.1%.

For the first seven months of this year, China’a overall vehicle sales rose by 9.8% year on year to 14.7m units.

Total sales of passenger cars in January-July grew by 11.1% year on year to 12.7m units.

The automotive industry is a major global consumer of petrochemicals which contributes more than a third of the raw material costs of an average vehicle. ICIS tracks the movement of petrochemical raw material costs in auto production both globally and regionally with the weighted ICIS Basket of Automotive Petrochemicals (IBAP).

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