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