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CHINA PRESS: China's EV Sales Grow Significantly In August Amid Policy Push

CHINA PRESS

China’s electric vehicle production and consumption grew by about 30% y/y in August to reach over one million units, as local governments’ trade-in subsidies have stimulated demand for new cars, Securities Daily reported. EV sales accounted for about 45% of total new car sales. The total automobile production and sales both exceeded 2.4 million units in August, growing 9% and 8.5% m/m respectively. The sales boom is expected to continue amid the upcoming September-October peak season, along with new product launches by major automakers, the newspaper said citing Chen Shihua, deputy secretary-general at the China Association of Automobile Manufacturers.

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