Home Business China vehicle sales slid 18% in August

China vehicle sales slid 18% in August

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© Reuters. FILE PHOTO: Cars for export wait to be loaded onto cargo vessels at a port in Lianyungang, Jiangsu province, China October 14, 2019. REUTERS/Stringer

BEIJING (Reuters) – China’s auto sales fell 17.8% in August from the corresponding month a year earlier, industry data showed on Friday.

Overall sales in the world’s biggest car market stood at 1.8 million vehicles in August, data from the China Association of Automobile Manufacturers (CAAM) showed.

For the first eight months of the year, China’s vehicle sales jumped 13.7% as the market recovered from pandemic lows.

One bright spot in August was continued strong sales of new energy vehicles, which more than doubled to 321,000 vehicles. These include battery-powered electric vehicles, plug-in petrol-electric hybrids and hydrogen fuel-cell vehicles.

The government’s promotion of greener vehicles to cut pollution has prompted electric car makers such as Nio (NYSE:) Inc, Xpeng (NYSE:) Inc and BYD Co (OTC:) Ltd to expand manufacturing capacity in China.

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