CPCA: China’s PV retail sales estimated to grow 8% in August

After a year-on-year growth of 8% in July, the retail sales of China’s passenger vehicles (PV) are expected to increase 8% again in August to 1.69 million units, the China Passenger Car Association (CPCA) said.

The month has seen a good beginning for the industry's retail sales. The association’s data showed that the retail sales of main automakers in China reached 191,000 and 239,000 units in the first and second week of this month, representing a respective daily increase of 2% and 7% year on year.

In the third week, the retail sales are estimated to increase smoothly to 270,000 units with a daily increase of 6% from a year ago. There will be a double-digit increase in the fourth week of August while the retail sales may be up to 640,000 units.

Driven by the stimulus policies and sales promotion efforts, the pent-up demands during the pandemic have been unleashed from the second quarter on, making a V-shaped recovery. The decrease of retail sales in the first two quarters of this year were 41% and 3% respectively.

Since the beginning of the second half year, the purchasing power and consumer confidence has been recovering thanks to the improving economy. In July, the PV retail sales were1.625 million units,  a growth of 8% compared with the same period of last year, the biggest since May, 2018.