China Passenger Car Sales Slide for 11th Straight Month on Sluggish Demand

MT Newswires Live13:48

Passenger car sales in China declined for the 11th consecutive month in August amid pressure from a cooling petroleum market and the rise of new energy vehicles.

Retail sales of passenger cars fell 24% year over year to more than 1.5 million units, according to data released Tuesday by the China Passenger Car Association.

The decline aligns with the CPCA's Aug. 21 forecast, which also pointed to a lack of significant improvement in consumer expectations and fundamentals.

Domestic brand sales slid 19% year over year to 1.1 million units despite market share rising 4.1 percentage points to about 70%, while mainstream joint venture brand sales fell 35% to 310,000 units, and luxury car sales declined 26% to 150,000 units.

New energy vehicle retail sales fell 10% to more than 1 million units during the month. However, wholesale figures rose 16% year over year, led by BYD (HKG:1211, SHE:002594) with 433,384 units, followed by Geely (HKG:0175), Chery Automobile (HKG:9973), Zhejiang Leapmotor (HKG:9863) and Tesla at fifth.

Exports jumped 78% to 888,000 units, equivalent to 38% of passenger sales, while production slipped 4.5% to 2.3 million units.

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