Passenger car gross sales in China fell in August for the fifth straight month, trade information confirmed on Monday, although gross sales of all-electric and plug-in hybrid fashions rose, helped by subsidies for drivers buying and selling in additional polluting automobiles.
Gross sales fell 1.1% from the identical month a yr earlier to 1.92 million automobiles, information from the China Passenger Automobile Affiliation confirmed. That in contrast with a 3.1% decline in July.
New power car (NEV) gross sales, nevertheless, jumped 43.2% to account for a file 53.5% of complete automotive gross sales, as native EV champion BYD set a gross sales file and U.S. rival Tesla had its finest month of 2024.
Automobile exports elevated 24% after a 20% rise in July.
The numbers mirrored waning shopper confidence, with first-time automotive purchases lagging behind trade-ins, the affiliation stated final week.
Drivers are eligible for a money subsidy of as a lot as 20,000 yuan (USD 2,823) when buying and selling in petrol-powered vehicles to purchase NEVs, whereas these buying and selling in petrol-powered vehicles for smaller-engine alternate options are entitled to as much as 15,000 yuan.
Consistent with a downshift in shopper spending, native EV majors Nio and Xpeng launched lower-priced manufacturers earlier this yr.
Rising EV and plug-in hybrid gross sales have barely helped with challenges at dealerships which might be battling worth falls.
Greater than half of dealerships suffered a loss in January-June, with the ratio up 7.3 share factors from a yr prior, information from the China Car Sellers Affiliation confirmed.
Cash-losing China Grand Automotive Companies, the second-largest dealership, was delisted from the Shanghai bourse in August after its inventory traded beneath par worth for 20 consecutive days.
