Rev up your engines! China's auto industry is hitting the gas pedal in 2024 🚀. According to the latest data from the China Association of Automobile Manufacturers released on Saturday, the first nine months have seen a steady climb in both production and sales.
From January to September, China rolled out about 21.47 million vehicles—a 1.9% increase compared to last year 📈. Sales weren't far behind, reaching 21.57 million units, marking a 2.4% bump from the same period in 2023.
September might have seen a slight dip, with production down 1.9% and sales down 1.7% year-on-year, but don't hit the brakes just yet! The overall momentum is gearing up 🔥.
Chen Shihua, deputy secretary-general of the association, noted that the passenger vehicle market is picking up speed 🏎️. \"Retail sales gained momentum in the third quarter,\" Chen said. This boost is thanks to government policies encouraging vehicle trade-ins and the launch of new models during the \"Golden September and Silver October\"—the peak season for car sales.
In a move to turbocharge the industry, China doubled down on financial incentives in August. Subsidies for trading in old vehicles for new energy passenger vehicles soared from 10,000 yuan (about $1,414) to 20,000 yuan 💰. For fuel-powered passenger vehicles, subsidies jumped from 7,000 yuan to 15,000 yuan.
With these incentives revving up consumer interest and manufacturers rolling out the latest models, China's auto industry is cruising towards a bright future 🌟.
Reference(s):
cgtn.com
