China's used car sales soar in first 7 months
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E-mail Xinhua, August 18, 2023
Vehicles run on East Third Ring Road in the morning in Chaoyang District of Beijing, capital of China, Jan. 3, 2023. [Photo/Xinhua]
Sales of used vehicles in China surged 14.54 percent year on year in the first seven months of 2023, data from the China Automobile Dealers Association shows.
More than 10.34 million second-hand vehicles were sold in the country during the period, with a total transaction value of 654.69 billion yuan (about 90.83 billion U.S. dollars), according to the association.
In July alone, China's used vehicle sales increased 8.93 percent year on year to top 1.57 million units, with a total transaction value of approximately 102.96 billion yuan.
The association attributed the growth to people's mounting enthusiasm for tourism during the summer this year, as the COVID-19 epidemic affected travel for the three years prior.
Demand for first and replacement cars has increased, which is conducive to the recovery of the used car market, the association noted.
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