In August,Street Stall (2015) China’s passenger vehicle sales experienced a year-on-year growth of 2.2%, reaching 1.94 million units, according to a September 8 report released by the China Passenger Car Association (CPCA). This marks the first year-on-year increase in the Chinese auto market since May 2023, a September 8 report by Reuters said. Over the first eight months of the year, passenger vehicle sales in China reached a total of 13.38 million units, a year-on-year growth of 1.8%. In August, BYD, Faw-Volkswagen, and Geely sold 242,000, 156,000, and 128,000 vehicles, respectively, making up the top three firms by retail sales volume, according to the CPCA report. Notably, Tesla sold 65,316 units of its Model Y in August in China, making it the most popular model of the month. Additionally, sales of new energy vehicles (NEVs), which have been a key driver of China’s overall auto sales growth, surged by a year-on-year increase of 34.5% to 716,000 units in August, accounting for 36.9% of total car sales. The recovery in August in the automotive market was primarily attributed to national tax incentives and the discount activities carried out by various car manufacturers for electric vehicles, the CPCA said in its report. [Reuters; CPCA report, in Chinese]
