China’s car sales grew the most in a decade
Passenger car sales in China rose 28.9% year-on-year in August – the most in a decade – on a surge in demand for electric vehicles, a trade body said Thursday.
A total of 1.87 million vehicles were sold last month, the China Passenger Car Association said, as sales of hybrid and electric units doubled in a year in the world’s biggest car market.
Sales had contracted sharply in May – down 17% year on year – and even more so in April, which saw the biggest drop since 2020 at 40.4%.
The Chinese government in July introduced a series of measures, including an extension of tax breaks, to boost sales of electric cars amid an economic downturn.
China’s electric car market is particularly competitive, with manufacturers scrambling to take advantage of an industry boosted in recent months by generous purchase subsidies from local governments.
The measures are meant to support the economy at a time when sporadic Covid-19 lockdowns across the country have dampened consumer enthusiasm and business confidence.
Local manufacturer Geely saw August sales jump 429% year-on-year.