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Car sales drive up for 5th month
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Chinese auto sales rose 11.6 percent year on year to 2.19 million vehicles in August, the fifth consecutive month of growth, the China Association of Automobile Manufacturers announced yesterday.
In the first eight months, however, the country’s overall car sales were down 9.7 percent to 14.55 million units, which was attributed to macro-economic headwinds amid the COVID-19 pandemic, association data shows. During the first seven months, sales were down 12.7 percent.
August’s gains follow a 16.7 percent increase in July and a 11.6 percent June hike. These results indicate that China’s auto market is recovering quickly under favorable government policies and growing consumer sentiment.
The CAAM expects car sales to further improve in the coming months, led by increasing consumer demand and the launch of new models as the Beijing auto show approaches. The association also notes that as the Mid-Autumn Festival and the National Day holidays draw near, consumers’ willingness is also climbing.
In June, the association predicted that China’s auto market would see a 10 percent drop for the entire year. The association added that the slide could deepen to around 20 percent if a second wave of infections occurs. Last year, overall sales fell 8.2 percent to 25.77 million vehicles.
Among total sales in August, passenger car sales reached 1.75 million units, up 6 percent from the same month last year. Commercial vehicle sales totaled 431,000 units last month, a jump of 41.6 percent year on year.
Sales of green cars jumped 25.8 percent year on year to 109,000 units. In July, the new-energy vehicle sector ended 12 straight months of decline with a 19.3 percent jump to 98,000 units.
Specifically, electric vehicle sales rose 25.6 percent on year to 88,000 units. Sales of plug-in hybrids added 26.1 percent to 21,000 units. The CAAM expects NEV sales to hit 1.1 million units this year, down 11 percent from 2019.
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