8th September 2023 – (Beijing) According to recent industrial data, China’s passenger vehicle market experienced continued growth in August, as both retail sales and exports recorded significant increases. The China Passenger Car Association (CPCA) reported that retail channels sold a total of 1.92 million passenger cars in August, marking a 2.5 per cent year-on-year rise.
August’s retail sales growth rate set a new historical record for the same period, surpassing the previous high of a 2-percent increase recorded in August 2017. Despite facing challenges such as typhoons, rainstorms, and high temperatures, China’s car sales demonstrated robust expansion, as stated by the association.
The CPCA attributed this sales growth to supportive pro-consumption policies implemented by the central government, along with local-level promotional activities. These measures have effectively bolstered consumer confidence and contributed to the positive market performance.
During the January to August period, retail sales of passenger cars reached a total of 13.22 million units, reflecting a 2 per cent year-on-year growth. Additionally, passenger car exports witnessed a substantial surge in August, with 438,000 units exported, marking a remarkable 42 percent increase compared to the previous year.
The data further revealed that China’s auto exports experienced a remarkable 69 per cent year-on-year surge, reaching approximately 3.22 million units in the first eight months of the year.
Looking ahead to September, the CPCA predicts that the upcoming Mid-Autumn Festival and National Day holiday, which is expected to span eight days this year, will provide a further boost to car consumption in the country.