China car sales slump 24% in September despite pea...

Summary

• China car sales dropped 24% on the year in September to 1.702 million units, industry data showed, as weak demand dragged on despite the peak season.
• For January to September, retail volume came to 13.418 million units, 21% lower than a year ago.
• In August, total retail fell 19% from a year before to 1.626 million cars, even as the NEV share hit a record 65.7%.

AI Generated Summary

China car sales dropped 24% on the year in September to 1.702 million units, industry data showed, as weak demand dragged on despite the peak season.

The China Passenger Car Association (CPCA) released the figures. New energy vehicles (NEVs), a group covering electric and plug-in hybrid cars, also lost ground, with retail volume down 12% at 1.141 million.

Still, China car sales in September beat August. Overall retail sales rose 10% month on month, while NEV retail climbed 14%.

For January to September, retail volume came to 13.418 million units, 21% lower than a year ago. Over the same nine months, NEV retail reached 7.816 million, a 12% fall.

China car sales surge late in the month

Weekly data showed a sharp rise towards the end of September. Early in the month, dealers sold an average of 35,000 cars a day.

Demand then softened in mid-September, in part because of when the Mid-Autumn Festival fell. By the fifth week, however, daily sales had shot up to an average of 148,000.