BEIJING, July 10 (Xinhua) — China’s auto production and sales logged double-digit increases in the first half of the year (H1), a sign of vibrant domestic consumption in the world’s second-largest economy, data from the China Association of Automobile Manufacturers (CAAM) showed on Thursday.
The country’s auto output totaled 15.62 million units during the period, up 12.5 percent from a year ago, while auto sales rose 11.4 percent to 15.65 million units.
The CAAM saw increased vitality in the auto market, driven by various factors, including the country’s stable economic growth, the consumer goods trade-in program, and the rapid growth of the NEV market.
New energy vehicle (NEV) production surged 41.4 percent year on year to nearly 6.97 million units in the first six months, with sales up by 40.3 percent year on year to about 6.94 million units.
NEVs accounted for 44.3 percent of total new vehicle sales in China during the January-June period, according to the CAAM.
To boost consumption, China expanded the scope of passenger vehicles covered under its trade-in program in January, aiming to increase domestic demand and support the Chinese economy through equipment upgrades and trade-ins of consumer goods.
Thursday’s data also showed that the country’s auto exports increased 10.4 percent year-on-year to 3.08 million units in the six months. Notably, NEV exports soared 75.2 percent to 1.06 million units. ■
