High oil prices have affected the enthusiasm of consumers for buying cars. The growth of car sales has slowed since last month.
In the first half of this year, it has been encouraging to see domestic auto sales surpassing 6 million. However, with the slowdown in the growth of the domestic passenger car market and the continuous rise in oil prices, the domestic auto market will face challenges in the second half of the year.
Yesterday, China Automobile Association released the domestic automobile production and sales data in the first half of this year. In the first half of the year, domestic car sales reached 6.988 million, an increase of 17.69% year-on-year. Among them, 453.38 million passenger cars were sold, a year-on-year increase of 25.62%. Although the overall sales of passenger vehicles in the first half of the year increased significantly year-on-year, the growth rate gradually slowed down from June onwards. In particular, the growth rate of passenger cars with displacement below 1.6L has dropped from 71.8% to 66.8%, to a certain extent. The effect of reflecting the favorable policy of purchase tax is weakening.
In addition, the recent continuous rise in oil prices also make domestic auto market cooling. Following the increase in oil prices on June 1, domestic oil prices rose again on June 30. The price of the 93rd gasoline used most frequently by the owner has exceeded the 6 yuan mark per liter, reaching 6.37 yuan, leaving some owners unprepared. The industry believes that high oil prices will affect the enthusiasm of consumers to purchase cars. From the hot selling of small-displacement cars in the first half of the year, a considerable number of car owners care about oil prices. “Oil price exceeds 6 yuan to enter the sensitive area.†Dong Yang, executive vice president of China Automobile Association, said that he hopes the relevant departments pay close attention.
While the domestic passenger car market slowdown, commercial vehicle sales also declined. In June, commercial vehicles sold 262,200 units, a decrease of 7.38% compared with the previous month. However, the industry believes that the implementation of the "renewal trade-in" policy will help the commercial vehicle market to pick up.
The auto export situation is still not showing signs of improvement. According to statistics, China’s automobile exporters have exported a total of 142,400 vehicles in the first half of the year, a drop of 60.21% from the same period of last year. Dong Yang said that automobile exports may maintain this level of decline throughout the year.
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