China’s Auto Sector Reports Growth Momentum in First Nine Months

A report from Xinhua on Oct. 14th, 2024:

China’s automobile industry has revealed a growth trend, with its production and sales of vehicles increasing steadily in the first nine months of 2024, data from the China Association of Automobile Manufacturers showed on Saturday.

From January to September, China’s auto production totaled about 21.47 million units, up 1.9 percent year on year. Auto sales stood at 21.57 million units, an increase of 2.4 percent from the same period last year.

China’s passenger vehicle market has been gradually picking up, with retail sales growing stronger in the third quarter of this year, thanks to government policies encouraging vehicle trade-ins and manufacturers launching new models during “Golden September and Silver October”, a peak period for car sales, said Chen Shihua, deputy secretary-general of the association.

In August, China increased the financial stimulus to encourage consumers to scrap their old vehicles and buy new ones. Subsidies for trade-ins of new-energy passenger vehicles have doubled from 10,000 yuan (about 1,414 U.S. dollars) to 20,000 yuan, while those for trade-ins of fuel passenger vehicles have been lifted from 7,000 yuan to 15,000 yuan.