China’s auto sector reports growth momentum in first nine months

China’s automobile industry has revealed a growth trend, with its production and sales of vehicles increasing steadily in the first nine months of 2024, data from the China Association of Automobile Manufacturers showed on Saturday.

From January to September, China’s auto production totalled about 21.47 million units, up 1.9 percent year-on-year. Auto sales stood at 21.57 million units, an increase of 2.4 percent from the same period last year, Xinhua News Agency reported.

In September, auto production came in at nearly 2.8 million units, down 1.9 percent year-on-year, while monthly sales totaled about 2.81 million units, down 1.7 percent year-on-year.

China’s passenger vehicle market has been gradually picking up, with retail sales growing stronger in the third quarter of this year, thanks to government policies encouraging vehicle trade-ins and manufacturers launching new models during “Golden September and Silver October”, a peak period for car sales, said Chen Shihua, deputy secretary-general of the association.

In August, China increased the financial stimulus to encourage consumers to scrap their old vehicles and buy new ones.