China’s Car Sales Pick Up More Speed
What’s new: The latest data from the China Association of Automobile Manufacturers (CAAM) suggested the country’s car sales for September increased by 12.8% year-on-year to 2.56 million units, taking year-to-date sales to 17.11 million, down by 6.9% compared with the same period last year.
The market for new-energy vehicles (NEVs) also posted good news. A total of 138,000 NEVs were sold last month, up by 67.7% year-on-year, according to the CAAM.
A joint venture between U.S. General Motors Co. and a local carmaker topped the sales chart with over 20,000 miniature NEVs sold, followed by Shenzhen-based carmaker BYD Co. Ltd. with over 19,000 NEVs sold. American electric vehicle firm Tesla Inc. ranked third selling 11,329 cars.
What’s the context: China’s auto market has maintained a double-digit monthly growth since May this year, rebounding from a year-on-year plunge of nearly 80% in sales in February, when the coronavirus pandemic shutdown dealerships and kept customers at home.
The central government on Friday signed off on a development plan for the NEV industry through the next 15 years to 2035, although the plan has yet to be made public. A draft of the plan issued last year raised the idea of making one-quarter of all new vehicles sold in 2025 to be NEVs, but that has encountered pushback from some experts.
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