China's passenger vehicle sales decline for 5th consecutive month, NEV sales surge 43.2% (53.5% of total sales).
In August, China's passenger vehicle sales declined for the fifth month in a row, falling 1.1% year-on-year to 1.92 million. However, new energy vehicle (NEV) sales surged by 43.2%, comprising 53.5% of total sales, driven by government subsidies for trading in older vehicles. Exports of passenger vehicles rose by 24%. Despite NEV growth, over half of car dealerships reported losses in the first half of 2024, indicating ongoing market challenges.
September 09, 2024
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