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- According to data from the China Association of Automobile Manufacturers, China’s total vehicle sales dropped by 5.0% from a year earlier to 2.45 million units in August 2024, softer than a 5.2% decline in the previous month, mainly as domestic demand for passenger cars fell amid weak consumer spending. The figure includes exports.
- It noted that sales of new energy vehicles surged by 30.02% to 1.1 million units, accounting for 44.8% of total car sales in August.
- Total auto exports also jumped 25% y/y to 511,000 vehicles.
- The overall decrease in sales came despite the Chinese government’s implementation of policy measures aimed at revitalizing the auto market, as noted by Chen Shihua, the deputy secretary-general of CAAM.
- From January to August, vehicle sales grew by 3.0% to 18.77 million units. During the period, the car production rose by 2.5% y/y, reaching 18.67 million units.
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