On August 11, the China Association of Automobile Manufacturers (CAAM) unveiled the production and sales figures for the automotive industry in July. According to the data, the automotive market experienced a typical seasonal slowdown in July, witnessing a monthly decline in both production and sales, yet still maintaining year-over-year growth. Precisely, July's automobile production stood at 2.591 million units, a 7.3% decrease from the previous month but a 13.3% increase from the same period last year. Sales amounted to 2.593 million units, a 10.7% drop from June but a 14.7% surge year-on-year.

Notably, the new energy vehicle segment shone brightly, with production and sales hitting 1.243 million units and 1.262 million units respectively in July. This represents a year-on-year growth of 26.3% and 27.4%, respectively, and accounts for an impressive 48.7% of total new vehicle sales, highlighting the growing prominence of electric and hybrid vehicles in the Chinese market.