China’s PV Retail Sales Fall by 20% in July The latest data from the China Passenger Car Association shows a sharp decline in retail sales of light passenger vehicles.
In July, sales plummeted by over 20%, a significant drop considering that sales had risen by 6% in the same month last year. Government support has been a key driver of China's automotive market.
However, with the withdrawal of subsidies and tax exemptions for new energy vehicles (NEVs), this support is waning.