China domestic car sales sink in August, as exports continue to surge
Car sales in China fell 23.7% in August, as manufacturers continued to aggressively sell their vehicles abroad to offset the weakness at home. Chinese carmakers sold 1.55 million vehicles during the month domestically, Reuters reported, citing data published on Tuesday by the China Passenger Car Association.
Domestic sales of new energy vehicles (NEVs) fell 10.1% in August, accounting for 64.7% of cars sold domestically during the month.
Meanwhile, China’s passenger vehicle exports in August jumped 77.5% year-on-year to about 894,000 units, slowing from an 88.2% increase in July. Among major manufacturers, BYD (1211.HK; 002594.SZ) and Geely (0175.HK) both recorded record monthly car exports last month.
Chinese vehicle exports are expected to reach 12 million units this year, and continue growing to between 18 million and 20 million annually by 2030, according to the China Passenger Car Association.
By Doug Young
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