China's automobile sector is cruising along a path of steady growth in 2024, with vehicle production and sales experiencing consistent increases in the first nine months of the year.
According to data released by the China Association of Automobile Manufacturers on Saturday, auto production from January to September reached approximately 21.47 million units, marking a 1.9 percent year-on-year rise. Meanwhile, auto sales totaled 21.57 million units, reflecting a 2.4 percent increase compared to the same period last year.
However, September saw a slight dip, with auto production dropping by 1.9 percent year-on-year to nearly 2.8 million units, and monthly sales decreasing by 1.7 percent to around 2.81 million units.
The passenger vehicle market in China is gradually picking up pace, as retail sales gain momentum in the third quarter of 2024. This recovery is being fueled by government policies that encourage vehicle trade-ins and the introduction of new models by manufacturers during the \"Golden September and Silver October\" sales peak, said Chen Shihua, deputy secretary-general of the association.
In a move to further stimulate the market, China increased financial incentives in August to encourage consumers to scrap their old vehicles and purchase new ones. Subsidies for trade-ins of new energy passenger vehicles have doubled from 10,000 yuan (about $1,414) to 20,000 yuan, while subsidies for trade-ins of fuel-powered passenger vehicles have been raised from 7,000 yuan to 15,000 yuan.
Reference(s):
cgtn.com
