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China auto sales increase 6% in August, down 15.4% from year-ago period

China's car sales rose 6% in August over a year earlier as the industry's biggest market recovered from Covid-19, but purchases for the year to date were off more than 15%, an industry group reported

Topics
China | Auto sales | China economy

AP  |  Beijing 

automboile, auto sales, auto stocks

China's car sales rose 6% in August over a year earlier as the industry's biggest market recovered from the coronavirus pandemic, but purchases for the year to date were off more than 15%, an industry group reported Thursday.

Sales of sedans, SUVs and minivans rose to 1.7 million, according to the Association of Automobile Manufacturers. Total vehicle sales, including trucks and buses, rose 11.6% to 2.2 million.

for the first eight months of the year were down 15.4% at 11.3 million, an improvement from the first half's 22.4% contraction. Total vehicle sales were down 9.7% at 14.6 million.

Auto demand already was suffering before shut down factories and dealerships in February to fight the coronavirus. Consumers are uneasy about a slowing economy and a tariff war with Washington.

Last year's sales fell 9.6%, the second straight annual decline.

That has hurt global automakers that are looking to to propel sales growth. It also squeezes cash flow at a time when global and Chinese brands are spending billions of dollars to develop electric vehicles under pressure to meet government sales quotas.

August sales of electric and gasoline-electric hybrid vehicles rose 25.8% over a year earlier to 109,000. For the year to date, sales were off 26.4% at 596,000.

SUV sales rose 6.5% to 800,000. They were off 8.7% for the first eight months of the year at 5.2 million. Sedan sales gained 5.8% to 821,000. For the year to date, they fell 18.8% to 5.3 million.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Thu, September 10 2020. 16:54 IST
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