China's car market shows remarkable growth in August

China's car

China's automotive industry experienced an unprecedented surge in sales during the month of August, bolstered by a confluence of factors including favoUrable policies aimed at rejuvenating the nation's economy, according to a report by Global Times.

Major traditional and up-and-coming car producers disclosed significant production and sales numbers for August. Leading the pack, BYD reported a 56.8% increase with 274,386 vehicles sold. Their total sales for the year have now skyrocketed to 1.79 million, marking an 83.1% year-on-year growth.

Close behind, GAC Group's new-energy segment, AION, has registered the delivery of 52,057 vehicles, with year-to-date sales crossing 306,418 — a staggering 101.18% increase from the previous year.

The China Passenger Car Association (CPCA) attributes this explosive growth to promotional consumption policies, discounts from manufacturers, and factors like summer vacations. Contrary to the customary seasonal downturn, August witnessed sustained growth. "The present policy incentives and corporate stimuli hint at a consistent release of demand," remarked CPCA.

Drawing from data collated over the initial seven months, Cui Dongshu, the CPCA's Secretary-General, shared with the Global Times that Chinese NEVs hold a clear global edge. "From January to July, China's NEV sales touched 4.42 million, consistently outstripping Europe and North America," he stated.