Auto Insights|Analysis Brief on Passenger Vehicle Sales Rankings in August 2024
In August, the retail sales volume of passenger vehicles in the Chinese market was 1.907 million, a decrease of 0.82% year-on-year. Among them, the retail penetration rate of new energy vehicles exceeded 53.7%, showing a strong growth momentum. The government effectively stimulated market consumption enthusiasm by increasing the subsidy standards for vehicle scrapping and renewal, especially increasing the subsidy for new energy passenger vehicles to 20,000 yuan. From January to August, the cumulative retail sales were 13.466 million, an increase of 1.84% year-on-year, showing a steady growth trend.
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