INDUSTRY BRIEF: China’s car sales fall in August as NEVs outpower gas vehicles
Chinese car sales fell 1.1% in August to 1.92 million units, marking a fifth straight month of declines, Reuters reported on Monday, citing new data from China Passenger Car Association (CPCA). But while total car sales fell, sales of new energy vehicles (NEVs) in August rose 43% year-on-year, with 1.03 million units sold. At that level, NEV sales passed traditional internal combustion engine (ICE) cars for a second consecutive month with 53.5% of the total.
China launched a government-subsidized trade-in program earlier this year to both encourage people to switch their ICE cars for cleaner NEVs, and also to boost consumption. That program provides subsidies of up to 20,000 yuan ($2,812) for people who trade in their ICE cars for an NEV.
By Doug Young
To subscribe to Bamboo Works free weekly newsletter, click here
RELATED ARTICLES
-
Autohome looks for new mileage in used cars
2518.HK ATHM.US -
Cango jumps on China car export bandwagon with focus on used vehicles
CANG.US
-
With pedal to the metal, Xiaomi zooms into China’s EV race
1810.HK
-
Autohome shifts into higher gear with NEVs and immersive tech
ATHM.US 2518.HK
-
Weak China car market puts brakes on Cheche’s growth
CCG.US
- CHINA BULLETIN: Foreign Firms Put New Investments on Hold
-
Facing winter at home, Cango looks overseas
CANG.US
