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Copyright © 2024 CGTN. 京ICP备20000184号
Disinformation report hotline: 010-85061466
A customer takes a test drive at a local auto shop in Beijing, October 5, 2024. /CFP
China's automobile industry has shown a growth trend, with vehicle production and sales increasing steadily in the first nine months of 2024, according to data from the China Association of Automobile Manufacturers released on Saturday.
From January to September, China's auto production totaled about 21.47 million units, up 1.9 percent year on year, while auto sales reached 21.57 million units, an increase of 2.4 percent compared to the same period last year.
In September, auto production was nearly 2.8 million units, down 1.9 percent year on year, while monthly sales totaled about 2.81 million units, down 1.7 percent year on year.
China's passenger vehicle market has been gradually picking up, with retail sales gaining momentum in the third quarter of this year. This recovery has been driven by government policies encouraging vehicle trade-ins and the launch of new models by manufacturers 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 financial incentives 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 those for trade-ins of fuel-powered passenger vehicles have been raised from 7,000 yuan to 15,000 yuan.