China Car Sales Hit 103,300 In July, Record Monthly High

SHANGHAI -Dow Jones reported that sales of passenger cars in China rose to a record 103, 300 in July, an increase of 61% on year, the State Development Planning Commission said Tuesday.

In a statement the commission said 97,200 passenger cars were produced in July, up 73% on year.

Meanwhile, 74,800 trucks were produced, up almost 70% on year, and 78,700 were sold, up 56% on year, in July. It said 63,800 buses were produced, a rise of 4.8% on year, and 79,300 were sold, an increase of 24% on year.

With sales exceeding production, overall vehicle inventories fell by 26,000 in July to 228,800.

Vehicle production in the first seven months of the year totaled 1.78 million, up 32% on year, and sales totaled 1.8 million, up 31% on year, it said.

For passenger cars, production in the first seven months rose 41% to 537,200, while sales increased 40% to 543,400.

The statement didn't provide any reasons for the rapid growth in the passenger car segment, but analysts have said that an increase in auto financing, and cheaper cars due to a price war, have helped boost sales this year.