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Reading: China: Retail new-car sales surge 29% in August, market rebound through EVs
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EV-a2z > News > China: Retail new-car sales surge 29% in August, market rebound through EVs
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China: Retail new-car sales surge 29% in August, market rebound through EVs

admin
Last updated: 2022/09/25 at 5:58 AM
admin Published September 9, 2022 2 Min Read
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The Chinese market for new passenger cars reportedly increased in August for the third consecutive month, continuing an extended recovery.

Following China Automobile Dealers Association’s calculations, industrywide retail sales of new sedans, crossovers, SUVs, and multipurpose vehicles increased by 29% yearly, exceeding 1.87 million last month, according to Automotive News.

#China's passenger #vehicle market continued to register robust growth in August with rising retail and wholesale sales. Some 1.87 million passenger cars were sold via retail channels in August, up 28.9 percent year on year, the highest growth rate in the past decade pic.twitter.com/tNRlyqeCC5

— DragonTV🚀䒕雅official (@ShanghaiEye) September 9, 2022

It is worth noting that the pressing demand for electric vehicles contributed to the market’s recovery.

https://twitter.com/BNNChina/status/1568090413944418305

The retail volume of new electrified passenger vehicles in August increased by 111% YoY for about 529,000 units. In addition, around 397,000 fully electric cars and 132,000 plugin hybrids are included in the total, representing increases of 99% and 158%, respectively, from the previous year. 

On the other hand, retail sales of brand-new electrified passenger vehicles increased by 120% to nearly 3.26 million as of August. 

Additionally, about 2.5 million electric vehicles and 758,000 plug-in hybrids make up the volume, up 106% and 184%, respectively, from the same time last year.

According to the CADA’s calculations, retail sales of new passenger vehicles nationwide increased 0.1 percent year over year in the first eight months due to the tax incentive for gasoline vehicles and strong demand for electric vehicles.

Having said all that, the shift to electric vehicles has truly been adopted by the country as shown in those figures above. 

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TAGGED: China, Electric Vehicle, EV, plugin-hybrid
admin September 25, 2022 September 25, 2022
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