China's new energy passenger car sales surge in August

BEIJING -- China's new energy passenger vehicle market continued to see robust growth in August, with retail sales reaching 1.03 million units, industry association data showed on Monday.

The figure marked a 43.2 percent year-on-year increase and a 17 percent jump from the previous month, according to the China Passenger Car Association (CPCA).

In August, production of new energy passenger vehicles reached 1.05 million units, representing a 32.6 percent year-on-year increase and a 12.7 percent rise from the previous month.

The penetration rate of new energy vehicles, a gauge of popularity, in the domestic market climbed to 53.9 percent, a significant rise from 37.3 percent during the same period last year.

For the first eight months of 2024, total retail sales of new energy passenger cars amounted to 6.02 million units, representing a 35.3 percent increase from the previous year, CPCA data showed.

On the export front, China shipped 99,000 new energy passenger vehicles in August, up 23.7 percent year-on-year and 7.6 percent from July. These vehicles accounted for 24 percent of the country's total passenger vehicle exports last month, maintaining the same level as the previous year.

From January to August this year, total exports of new energy passenger vehicles reached 787,000 units, a 20.1 percent increase compared to the same period in 2023, the association said.