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Tuesday, 08/11/2020 12:11:00 PM

Tuesday, August 11, 2020 12:11:00 PM

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China auto industry comes roaring back with some help from EVs

Auto sales in China rose 16.4% to 2.11M vehicles in July to mark a fourth month in a row of positive growth, according to the China Association of Automobile Manufacturers.

CAAM forecasts auto sales will be down around 10% for the full year unless the pandemic worsens.

New electric vehicle sales were up 19.3% to 98K units during the month, which combined with Nio's (NYSE:NIO) earnings and deliveries report this morning could spark the EV sector. The positive growth in July for NEV sales is notable due to the slow first six months of the year for the segment.

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