CAAM: August domestic auto sales hit 1.701 million units, down 24.2% year-on-year

According to data released by the China Association of Automobile Manufacturers on September 10, domestic vehicle sales in August reached 1.701 million units, up 10.4% month-on-month but down 24.2% year-on-year. Of this, sales of conventional fuel-powered vehicles totaled 584,000 units, rising 9.4% from the previous month but falling 45.7% compared to the same period last year. Year-on-year declines in monthly domestic vehicle sales have exceeded 20% for five consecutive months. In August, production and sales of new energy vehicles (NEVs) reached 1.653 million and 1.643 million units, respectively, representing year-on-year increases of 18.9% and 17.8%. NEV sales accounted for 60.6% of total new vehicle sales in the domestic market. In terms of exports, China exported 1.01 million vehicles in August, a year-on-year increase of 65.3%, marking the third consecutive month with monthly exports exceeding one million units. NEV exports totaled 526,000 units, surging 130% year-on-year. NEVs have accounted for more than 50% of total vehicle exports for three consecutive months.