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China’s Car Sales Grow at Fastest Rate in Over 10 Years in August; BYD Is Country’s Top Seller 2022-09-12
China’s Car Sales Grow at Fastest Rate in Over 10 Years in August; BYD Is Country’s Top Seller
China’s passenger vehicle sales expanded at the quickest clip in more than a decade last month, spurred by tax cuts and fewer interruptions to the supply chain. BYD toppled FAW-Volkswagen to become the country’s best-selling carmaker, according to the latest data.
Some 1.8 million passenger autos were shifted in August, the most since April last year and a gain of 28.9 percent from the same period a year ago, according to figures released by the China Passenger Car Association yesterday.
The big jump in sales has to do with a relatively low base last August, said Cui Dongshu, secretary-general of the association. This time last year, there was a shortage of chips due to Covid-19 outbreaks in Southeast Asia which caused car sales to drop sharply.
A big reduction in car purchase taxes has also helped boost sales. On May 31, the Ministry of Finance halved the purchase tax on autos priced under CNY300,000 (USD43,359). Since then, sales of passenger cars have jumped by over 20 percent for three straight months.
There were also a lot of promotional events by carmakers last month who are trying to make up for earlier slow sales and fulfill their yearly targets, Cui said.
BYD’s shipments soared more than two-and-a-half times year on year to 169,000 units, seizing 9 percent market share. While the auto-making joint venture between China’s FAW Group and Germany’s Volkswagen shifted 164,000 units, accounting for 8.7 percent market share.
Sales of Chinese-branded cars surged 41 percent in August year on year to 850,000 units, the same as July. While those of joint-venture brands gained 18 percent to 770,000 autos.
New energy vehicle sales did very well, more than doubling year on year to 529,000 units. Improved deliveries and higher fuel prices helped drive up orders for electric vehicles, the CPCA said.
The NEV penetration rate was 28.3 percent last month, an increase of 11 percentage points from the same period of last year. The penetration rate of Chinese brands was 52.8 percent, while that of joint-venture firms was just 4.9 percent.
Source: Yicai
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