Beijing (ZXZC)- In the first two weeks of October, China’s auto industry witnessed a month-on-month growth in daily vehicle retail sales according to the China Passenger Car Association (CPCA). 

Photo credit: Li Auto

For the retail performance, during the first week this month, daily averaged sales volume notched down 3% year on year, but up 8% from the same week in September to 35,000 vehicles. 

46,000 vehicles were sold daily in the second week, decreasing 19% from a year ago but increasing 15% from the previous month.

Combined retail volume during the first two weeks in October dropped 11% year on year. With the consumption policies lowering family costs and demand rising, CPCA believes that sales of the less-intelligent vehicles and older joint-ventured models will continuously recover.

As to the wholesale results, daily averaged wholesale volume amounted to 24,000 vehicles during the first week this month, down 8% versus the earlier year and 16% month-on-month.

In the following week, an average of 51,000 vehicles was sold via wholesale channels each day, with a 9% decline from a year ago. Nonetheless, compared to the second week in September, wholesale volume surged 38%, representing a gradually improved supply. 

During the first two weeks of this month, wholesale volume saw a year-on-year decline of 9% but rose 10% from September. CPCA attributed the results to the possible slight recovery in chip supply by 20-30% month-on-month. 

In the chip manufacturing hub Malaysia, influences of the pandemic peaked in August, and it is expected to get better in the following months. CPCA predicts that the chip supply will pick up little by little in the future.