China automobile sector maintains rapid growth momentum

BEIJING, Sept. 9 (Xinhua) -- China's automobile industry continued to see robust growth in production and sales in August despite COVID-19 outbreaks, industrial data showed Friday.

The world's largest automobile market produced 2.4 million units of automobiles and sold 2.38 million units last month, rising 38.3 percent and 32.1 percent year on year, respectively, data from the China Association of Automobile Manufacturers showed.

In the first eight months of this year, the automobile output reached 16.97 million units, up 4.8 percent, year on year. Automobile sales totaled 16.86 million units, rising 1.7 percent compared with the same period of 2021.

In breakdown, the country's passenger vehicles market continued to benefit from preferential purchase tax policies. The output and sales of passenger vehicles in August surged 43.7 percent and 36.5 percent year on year, respectively.

August's commercial vehicles market reported the first year-on-year growth in both production and sales since April 2021. The association estimated that the growth trend might continue thanks to improving infrastructure.

New energy vehicles continued to expand at a fast clip. In August, the production and sales of new energy vehicles reached 691,000 units and 666,600 units, respectively.

The two figures, both a monthly record high, soared by 1.2 times and 1 time over August 2021, respectively.

From January to August, the production of new energy vehicles totaled 3.97 million units, while the sales reached 3.86 million units, an increase of 1.2 times and 1.1 times, year on year, respectively.

The automobile industry has become an important engine to drive the country's consumption growth.

To spur NEV sales, the State Council has decided to extend the vehicle purchase tax exemption for NEVs to the end of 2023. The country's transport ministry said the installation of charging facilities along roads would pick up pace.

In the coming months, the passenger vehicles and the NEV markets might sustain robust growth steam, the association estimated, citing the combined effects of supportive policies and a traditional high sales season.