China Car Sales Accelerate in September, Exports Up 50%

tendata blogTrade Trends News

ten data blog12-10-2023

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Reuters reported that China's car sales rose 4.7 percent in September from a year earlier as more people bought discounted and new models ahead of an important holiday, official data showed.

Passenger car sales totaled 2.04 million units in September, the China Passenger Car Association (CPCA) said on Wednesday. The year-on-year increase was higher than the 2.2 percent year-on-year increase in August, the data showed.

New-energy vehicle sales rose 22.1 percent year-on-year in September, accounting for 36.6 percent of vehicle sales, driving a number of local brands to record sales highs. The growth rate of new-energy vehicle sales was slower than the 34.5% increase in August.

September is traditionally a bumper month for auto sales in China, partly because many people go on a shopping spree ahead of the Mid-Autumn Festival and National Day holidays.

The downturn in the real estate market bodes well for auto sales, as many people are now choosing to buy cars rather than invest in homes, said Cui Dongshu, secretary-general of the Multiplier Association. However, overall consumer confidence remains subdued against the backdrop of a slowdown in the world's second-largest economy.

In the first nine months of the year, sales in the world's largest auto market rose 2.1 percent to 15.41 million units.

Overseas markets remain an important area of growth, although an EU investigation into Chinese-made electric cars could dampen exports.

Exports were up 50 percent in September, following a 31 percent year-on-year increase in August, the data showed. Tesla exported 30,566 Chinese-made cars in September, up 57 percent from 19,465 in August.

Tesla, which has spearheaded a price war in China that has swept up more than 40 brands, saw its market share in China's electric car segment shrink to 9.89 percent in the third quarter, compared with 12.98 percent in the second quarter and 9.93 percent a year ago.

The U.S. electric car giant's global deliveries fell short of expectations in the third quarter as production was thrown into disarray by planned factory upgrades to launch an improved version of the Model 3.

Electric car pioneer BYD sold a record 287,454 new energy vehicles in September. EV startup Ideal Motors delivered 36,060 vehicles last month, up 212.7 percent from a year earlier, setting a new monthly record.

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