By Bingyan WangThe recovery of car sales in China continued to accelerate in June as Beijing aimed to boost the electric-vehicle industry. Retail sales of passenger cars in the world's biggest auto market rose for a fifth straight month in June, climbing 8.7% from a month earlier to 1.89 million vehicles, the China Passenger Car Association said Monday. The on-month rise marked the first time that car sales have risen consecutively in the first half of the year since 2001, the association said. Compared to a year earlier, sales dropped 2.6% as the consumer market has yet to fully recover from the impact of Covid. Beijing has rolled out a nationwide campaign to promote car purchases, including extending tax breaks for EV purchases and boosting lending to buy cars.

Source: Wall Street Journal July 10, 2023 09:11 UTC