Economic Indicators
China car sales rise, snapping five-month decline on subsidy boost
2024.10.11 23:23
BEIJING (Reuters) – China’s passenger vehicle sales rose 4.3% in September from a year earlier, snapping five months of decline with a boost from a government subsidy to encourage trade-ins as part of broader stimulus package.
Sales hit 2.13 million vehicles in September, up from 2.04 million a year earlier. For the first nine months of the year, sales were up 1.9% from 2023 levels, according to data from the China Passenger Car Association.
Sales of electric vehicles and plug-in hybrids jumped 50.9% and accounted for 52.8% of overall sales. It was the third month in a row that battery-powered vehicles including plug-ins outnumbered sales of gasoline cars in China.
