China’s new passenger vehicle sales continued to rebound strongly in August 2022, up 29% year-on-year to 1.87 million units from low levels a year earlier, retail data shows. released by China Passenger Car Association report.
Last month, the market benefited from the significant pent-up demand that resulted from the widespread Covid lockdowns in the first half of the year which are continuing and increasing in some cities.
In addition, in June the government halved the vehicle purchase tax from 10% to 5% until the end of 2022 on fuel-efficient passenger vehicles costing up to 300 000 CNY (45,000 USD) to help the auto industry recover.
CPCA said deliveries of passenger vehicles to dealers, ie wholesalers, jumped 38% to 2.1 million units last month from the year’s low level. previous one when shipments were severely impacted by supply chain shortages. Dealer inventory has recovered over the past two months, which the association said would help stabilize the retail market.
Nio sales jumped 82% year-on-year to 10,677 units in August, and rose 28% to 71,556 units in the first eight months of the year, while Xpeng deliveries rose 33% to 9,578 units last month and 96% to 90,085 since the start of the year.
BYD said its global sales rose 188% to 173,977 units in August, with eight-month cumulative sales reaching 977,857.
In contrast, Li-Auto sales fell 52% to 4,571 vehicles last month.