China’s retail sales of passenger vehicles reached 1.87 million units in August, rising by 28.9% from a year earlier, marking the fastest growth in a decade and accelerating from the 20.4% growth in July, said the China Passenger Car Association.
The retail sales in August rose 2.9% from the previous month, the second-fastest month-on-month growth fro the same period in nearly decade, said the association.
For the first eight months of the year, retail sales of passenger vehicles reached 12.95 million units, edging up 0.1% from a year earlier and in particular, sales increased by 1.1 million units from a year earlier during the period of June – August, it said.
China’s retail sales of new energy passenger vehicles reached about 529,000 units in August, surging 111.2% from a year earlier and up 8.8% from the previous month, according to the data.
For the first eight months of the year, retail sales of new energy passenger vehicles reached about 3.26 million units, rising 119.7% from the same period last year, showed the data.
Wholesale volume of new energy passenger cars reached a new record high of 632,000 units in August, surging 103.9% from a year earlier and up 12% from the month before and in the Jan – Aug period, wholesale volume reached about 3.66 million units, jumping 119.4% from the same period last year, said the association.
Despite the government’s move to halve purchase tax for some conventional fuel vehicles, sales of new energy vehicles continued to show stronger-than-expected improvements, said the association.