China's passenger vehicle retail sales declined by 23.2% year-on-year in June, with new energy vehicles accounting for 62.8% of the market share.

US Media: China's retail sales of passenger vehicles declined by 23.2% year-on-year to 1.6 million units in June, with a cumulative drop of 20.2% for the first half of the year, indicating weak domestic demand.

High fuel prices and sluggish consumption have driven the share of new energy vehicles (NEVs) to 62.8%, while demand for traditional internal combustion engine vehicles has significantly contracted. Automakers are increasingly relying on overseas markets to offset domestic sales pressure, with automobile exports reaching 877,000 units in June—double the same period last year, particularly in NEV exports.

Original Source: toutiao.com/article/1870161586872332/

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