Sales of passenger cars in China rose in September thanks to promotions and holiday purchases.
Retail sales in China's Passenger Car market reached 2.02 million units in September, up 5.0% from a year earlier and up 5.0% from the previous month, the China Passenger Car Association said Wednesday. The China Passenger Association said that the demand for car purchases before the National Day holiday in October increased, and at the same time, the quarterly sprint target driven promotion of the car market in September was significantly stronger. China is the world's largest car market.
Passenger car exports rose 50 per cent year on year in September; Passenger car exports rose 68 percent in the January-September period from a year earlier.
Production of new energy passenger vehicles (including pure electric vehicles and plug-in hybrid electric vehicles) rose 10.7 percent in September from a year earlier.
China Passenger Association data also showed that Tesla's (TSLA) Shanghai factory delivered 74,073 vehicles in September.
Passenger car sales in October are expected to show another uptick in demand, given the large number of people traveling by car during the National Day holiday in early October, according to the China Passenger Association.
The China Passenger Association also said that it resolutely opposes the EU's anti-subsidy investigation into China's new energy vehicle exports; And said that China's new energy vehicle subsidies have been completely withdrawn by the end of 2022.
The European Union announced an anti-subsidy investigation into Chinese NEV exports last month, and could impose tariffs if European officials determine that Chinese electric car makers are receiving subsidies that are detrimental to the European auto industry.