Passenger vehicle retail sales in China are expected to amount to 1.98 million units in September, increasing by 3.0 percent year on year, while rising by 3.1 percent month on month, according to the China Passenger Car Association (CPCA).
In September, passenger new energy vehicle (NEV) retail sales are expected to total 750,000 units, up 22.3 percent year on year, while increasing by 4.7 percent month on month, with the share of NEVs in total sales reaching 37.9 percent in the given month.
Meanwhile, the China Automobile Dealers Association has announced that the China Auto Dealer General Inventory Index stood at 1.54 in August this year, up 5.5 percent year on year and down 9.4 percent month on month, with the inventory index still standing at a relatively high level. The CPCA said the frequent price declines made downstream consumers hold a wait-and-see stance instead of concluding purchases immediately. Since Chinese policymakers have issued several stimulus policies, the CPCA said it expects that vehicle retail sales will likely improve in the traditional peak season of October, especially amid the sales promotion activities for the long National Day holiday (September 29-October 6).