China's Passenger Car Retail Sales Down 24% in September

China's passenger car market experienced a significant downturn in September, with retail sales falling by 24% compared to the same period last year. Preliminary statistics from the China Passenger Car Association (CPCA) revealed that 1.702 million passenger cars were sold during the month. While this represents a 10% increase from August, year-to-date cumulative sales remain 21% lower than the previous year.

The situation for new energy vehicles (NEVs) was also subdued, as their retail sales dropped by 12% year-on-year in September. A total of 1.141 million NEVs were sold in September, marking a 14% rise from August. However, cumulative NEV sales for the year to date have decreased by 12%.

On the wholesale front, total passenger car sales saw a 10% decrease year-on-year in September, although they increased by 7% compared to August. In contrast, wholesale sales of new energy vehicles rose by 11% year-on-year and by 11% from the previous month.

The weekly sales data for September indicates fluctuations throughout the month, but the overall trend suggests a challenging market environment in China. The penetration rate of new energy vehicles remained robust, accounting for 67.1% of retail sales and 66.1% of wholesale sales.