Beijing, October 13 (FinanceFlashNews.com) – Overall car sales in China experienced a slight decline in September 2024, but sales of passenger vehicles rose, supported by government subsidies aimed at boosting the auto industry. This report is based on data from Bloomberg and Reuters.
According to China Association of Automobile Manufacturers (CAAM), total vehicle sales in China fell by 1.7% year-over-year to 2.809 million units in September. This decrease was less severe than the 5% drop seen in August, reflecting the impact of government measures to revitalize the market and introduce new models.
Despite the overall decline, sales of passenger vehicles saw an increase. According to the China Passenger Car Association (CPCA), sales of passenger cars rose by 4.3% in September to 2.11 million units, up from 2.04 million units a year earlier. This rebound comes after five consecutive months of decline, with government subsidies playing a crucial role in stimulating demand.
New energy vehicles (NEV), including battery-powered cars and plug-in hybrids, posted even stronger growth. NEV sales surged by 50.9% to 1.12 million units, accounting for 52.8% of total vehicle sales. This marked the third consecutive month that NEV sales surpassed gasoline-powered vehicle sales in China.
For the first nine months of 2024, total vehicle sales in China increased by 2.4% to 21.57 million units, while passenger vehicle sales rose by 1.9%.
Vehicle Sales Data for China – September 2024
| Vehicle Category | Sales in September 2024 | Year-on-Year Growth (%) |
|---|---|---|
| Total Vehicle Sales | 2.809 million | -1.7% |
| Passenger Vehicle Sales | 2.11 million | +4.3% |
| New Energy Vehicle (NEV) Sales | 1.12 million | +50.9% |
Key words: car sales in China, passenger vehicles, new energy vehicles, government subsidies, China auto market
