China’s automobile industry is experiencing a steady growth trend in 2024, with vehicle production and sales increasing significantly in the first nine months of the year, according to data released by the China Association of Automobile Manufacturers (CAAM) on Saturday.
From January to September, the country’s auto production reached approximately 21.47 million units, marking a year-on-year increase of 1.9 percent. Auto sales also climbed to 21.57 million units, up by 2.4 percent compared to the same period last year.
While September’s auto production was nearly 2.8 million units, representing a slight decrease of 1.9 percent year-on-year, and monthly sales totaled about 2.81 million units, down 1.7 percent year-on-year, industry experts remain optimistic about the overall market trajectory.
The passenger vehicle market in China has been gradually picking up momentum, particularly in the third quarter of this year. Chen Shihua, deputy secretary-general of the CAAM, attributed this recovery to government policies encouraging vehicle trade-ins and the introduction of new models by manufacturers during the “Golden September and Silver October,” traditionally a peak period for car sales.
In August, the Chinese government increased financial incentives to encourage consumers to replace their old vehicles with new ones. Subsidies for trade-ins of new energy passenger vehicles were doubled from 10,000 yuan (approximately $1,414) to 20,000 yuan, while subsidies for trade-ins of fuel-powered passenger vehicles were raised from 7,000 yuan to 15,000 yuan.
These measures have boosted consumer confidence and stimulated market demand, contributing to the steady growth of the auto industry. Analysts predict that with continued policy support and innovation from manufacturers, China’s auto market will maintain its upward trajectory for the remainder of 2024.
Reference(s):
cgtn.com
