Posted on 14 Oct 2024
China's passenger car market performed strongly in September as the sector gradually perked up with subsidies and local supportive policies taking effect, and automakers launching new car models, according to the latest release by the China Association of Automobile Manufacturers (CAAM) on Saturday.
Sales and production of automobiles across China during September gained by 14.5% and 12.2% respectively from August to reach 2.81 million and 2.8 million units, CAAM noted. These numbers were lower by a small 1.7% and 1.9% on year though, it said.
Over January-September, the country's total car sales rose by 2.4% on year to 21.57 million units, and output grew by 1.9% on year to 21.47 million units, according to the release.
As for passenger vehicles, sales and production reached 2.53 million and 2.5 million units in September, up 15.8% and 12.6% on month. The numbers were also higher by 1.5% and 0.2% on year. During the past nine months, China sold 18.68 million passenger cars and produced 18.64 million units, up 3% and 2.6% on year, according to CAAM.
China's market for vehicles for commercial use remained relatively weak last month despite on-month growth in sales and production, the association maintained. Sales swelled by 4.4% on month to 284,000 units, while output moved up by 8.7% on month to 294,000 units. But the figures were lower by 23.5% and 16.8% respectively compared to the same month last year.
Over January-September, sales and production of commercial vehicles also decreased on year, falling by 1.6% and 2.8% respectively to 2.89 million and 2.83 million units.
China's new-energy vehicles (NEVs) sector remained robust last month with "sales of NEVs accounting for 45.8% of total new cars sales," CAAM pointed out. Indeed, sales and output both hit record highs in September, jumping by 42.3% and 48.8% respectively on year to 1.29 million and 1.31 million units.
Over January-September, NEV sales and output came in at 8.32 million and 8.316 million units, rising by 32.5% and 31.7% respectively on year.
The CAAM data showed that China had also shipped 539,000 vehicles abroad during September, higher by 21.4% on year and up 5.4% from August. This result also brought total exports during January-September to 4.31 million units, up by a sizzling 27.3% on year.
Source:Mysteel Global
