SHANGHAI, May 31 (SMM) – Sales of passenger vehicles will continue to trend downwards in the next two months, down to 1.59 million units in June and 1.56 million units in July, the China Passenger Car Association (CPCA) said on Friday May 31.
Inventory pressure will spur dealers to extend promotional activities, it believed.
CPCA saw the wholesale of sport utility vehicles (SUVs) dipping 7.6% on the year, to 689,000 units in June, the smallest decline compared to other types of passenger vehicles. The sales stand 3.7% higher from April.
Next month, the wholesale volume of sedans is expected at 805,000 units, down 16.5% from a year before but up 1.3% from April.
Wholesale of multi-purpose vehicles (MPVs) is likely to shrink 23.5% on the year but expand 4.2% from April, posting 96,000 units in June.
Data from CPCA showed that retail sales of sedans, SUVs, minivans, and MPVs fell 16.6% on the year to 1.54 million units in April. This followed a 12% decline in March and an 18.5% drop in February.