7月车市进入传统淡季，无碍新能源汽车销量增27.4%

Core Viewpoint - The automotive market in China maintained a stable operation in July, supported by policies such as the trade-in program and the initial progress in addressing "involution" competition [1] Group 1: Market Performance - In July, automotive production and sales reached 2.591 million and 2.593 million units, respectively, with month-on-month declines of 7.3% and 10.7%, but year-on-year increases of 13.3% and 14.7% [1] - From January to July, automotive production and sales totaled 18.235 million and 18.269 million units, reflecting year-on-year growth of 12.7% and 12% [1] - The growth rates for production and sales in the first seven months expanded by 0.2 and 0.6 percentage points compared to the first half of the year [1] Group 2: New Energy Vehicles (NEVs) - In July, NEV production and sales reached 1.243 million and 1.262 million units, with year-on-year growth of 26.3% and 27.4%, accounting for 48.7% of total new car sales [1] - Sales of pure electric vehicles in July were 811,000 units, up 47.1% year-on-year, while plug-in hybrid vehicle sales were 451,000 units, a 2.8% increase [2] - NEV exports were notable, with 225,000 units exported in July, a month-on-month increase of 10% and a year-on-year increase of 120% [2] Group 3: Export Dynamics - NEVs have become the main driver of automotive export growth, with traditional fuel vehicle exports declining [3] - In July, traditional fuel vehicle exports were 350,000 units, down 9.6% month-on-month and 4.3% year-on-year [3] - From January to July, traditional fuel vehicle exports totaled 2.373 million units, a year-on-year decrease of 7% [3] Group 4: Brand Performance - In July, Chinese brand passenger car sales reached 1.604 million units, a year-on-year increase of 21.3%, with a market share of 70.1%, up 3.8 percentage points from the previous year [4] - Chery and BYD were among the top exporters, with Chery exporting 119,000 units (up 31.9%) and BYD exporting 81,000 units (up 160%) in July [4] Group 5: Future Outlook - The automotive industry is expected to maintain a stable operation in the coming months, supported by government policies such as the third batch of long-term special bonds for trade-in programs [5] - The government plans to ensure that funds are used effectively to boost consumer confidence and stimulate automotive consumption through the end of the year [5]