Chinese passenger vehicle sales down 1.1 yy in Aug
NEV sales jump 43.2 to account for 53.5 of total
CPCA sees incentives keeping FY sales in growth

BEIJING, Sept 9 Reuters Passenger vehicle sales in China fell in August for the fifth straight month, industry data showed on Monday, though sales of allelectric and plugin hybrid models rose, helped by subsidies for drivers trading in more polluting vehicles.

Sales fell 1.1 from the same month a year earlier to 1.92 million vehicles, data from the China Passenger Car Association CPCA showed. That compared with a 3.1 decline in July.

New energy vehicle NEV sales, however, jumped 43.2 to account for a record 53.5 of total car sales, as local EV champion BYD set a sales record and U.S. rival Tesla had its best month of 2024.

Car exports increased 24 after a 20 rise in July.

The numbers reflected waning consumer confidence, with firsttime car purchases lagging behind tradeins, the association said last week.

Drivers are eligible for a cash subsidy of as much as 20,000 yuan 2,823 when trading in petrolpowered cars to buy NEVs, while those trading in petrolpowered cars for smallerengine alternatives are entitled to up to 15,000 yuan.

In line with a downshift in consumer spending, local EV majors Nio and Xpeng launched lowerpriced brands earlier this year.

Over 80 of the applicants for tradein subsidies opted to buy NEVs, CPCA secretary general Cui Dongshu said.

Despite the recent declines, car sales were up 1.6 in the…