Beijing, October 13, 2024 – The Europe Today: China’s automobile industry has demonstrated a positive growth trend in the first nine months of 2024, according to data released by the China Association of Automobile Manufacturers (CAAM) on Saturday. Both vehicle production and sales have steadily increased during this period, reflecting the resilience of the sector despite global economic challenges.
From January to September, China’s total automobile production reached approximately 21.47 million units, marking a year-on-year increase of 1.9%. Meanwhile, vehicle sales rose by 2.4% compared to the same period in 2023, with a total of 21.57 million units sold.
In September alone, production stood at nearly 2.8 million units, representing a 1.9% decline compared to the previous year. Monthly sales also experienced a slight dip, with about 2.81 million units sold, down 1.7% year-on-year. Despite the decrease, the overall market performance remains robust.
The passenger vehicle market, in particular, has seen a gradual recovery, with stronger retail sales in the third quarter of 2024. Chen Shihua, Deputy Secretary-General of CAAM, attributed this recovery to supportive government policies promoting vehicle trade-ins, coupled with the launch of new car models during the popular sales seasons of “Golden September and Silver October.”
In an effort to further stimulate consumer demand, the Chinese government increased financial incentives in August to encourage the trade-in of older vehicles for new models. Subsidies for new-energy passenger vehicles have doubled from 10,000 yuan (approximately 1,414 U.S. dollars) to 20,000 yuan, while those for fuel-powered vehicles were raised from 7,000 yuan to 15,000 yuan.
These measures are expected to bolster the auto industry’s momentum in the coming months, driving both production and sales as manufacturers and consumers alike benefit from the favorable policy environment.
