China's car sales rise the most in a decade

Sales of passenger cars in China rose 28.9 percent on-year in August -- the most in a decade -- driven by a surge in demand for electric vehicles, a trade body said Thursday.

A total of 1.87 million vehicles were sold last month, China's Passenger Car Association said, with sales of hybrid and electric units doubling on-year in the world's largest car market.

Sales had contracted sharply in May -- shrinking by 17 percent on-year -- and even more in April, which saw the biggest drop since 2020 at 40.4 percent.

The Chinese government introduced a string of measures, including a tax break extension, in July to stimulate sales of electric cars against the backdrop of an economic slowdown.

China's electric car market is particularly competitive, with manufacturers jostling to take advantage of an industry boosted in recent months by generous purchase subsidies from local governments.

The measures are supposed to support the economy at a time when sporadic Covid-19 lockdowns around the country have dampened consumer enthusiasm and business confidence.

Local manufacturer Geely saw its sales jump in August by 429 percent on-year.

sbr/ehl-je/axn

GEELY AUTOMOBILE HOLDINGS

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Chinese carmaker BYD to build Thai electric vehicle plant
Bangkok (AFP) Sept 8, 2022
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