China's NEV sales hit historic high in first seven months: MOC

China's auto consumption has continued its stable recovery, with sales of new energy vehicles (NEVs) hitting a historic high in the first seven months of the year, according to the Ministry of Commerce (MOC), according to The Xinhua News Agency reports.

"In the January-July period, sales of NEVs in the country tripled from a year ago to near 1.48 million units, surpassing total NEV sales in 2020", – said the MOC.

"In July alone, NEV sales jumped 160% year on year to 271,000 units, hitting a monthly historic high", – the MOC added.

Auto manufacturers sold approximately 14.76 million vehicles in the first seven months of the year, up 19.3% year on year.

"However, sales in July dropped 11.9% year on year to over 1.86 million units, marking a third monthly contraction", – said the MOC.

The MOC has attributed the slowdown in total auto sales since May to the high base from the same period last year as well as a shortage of auto chips.

MOC data has also revealed that China's second-hand vehicle trading market experienced a boom in the first seven months.

Over 9.89 million second-hand vehicles were traded during the period, up 46% year on year.