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CPCA Projects CN Sep NEV Retail Sales to Hike 7.3% MoM
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The “Golden September” car market is vibrant, with the retail market for passenger vehicles in narrow sense in September charting about 2.1 million units, a YoY hike of 4.0%, or a MoM rise of 10.1%, as the China Passenger Car Association (CPCA) preliminarily projected. The retail sales of new energy vehicles (NEVs) were expected to be around 1.1 million units, a YoY increase of 47.3% and a MoM increase of 7.3%, with a penetration rate of about 52.4%. Since August, the number of applications for trade-in subsidies has grown exponentially, the CPCA stated, and the number of subsidy applications in September has remained high. As of yesterday (19th), China received more than 1.07 million applications for trade-in subsidies. Almost all provinces in the country introduced and implemented vehicle replacement subsidy policies, and the amount of subsidies per vehicle was quite lucrative, which was predicted to send a new wave of growth momentum to the car market. AAStocks Financial News |
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