China's September Automobile Sales Volume 27.1 Million Year-on-year Increase of 5.7%

China Association of Automobile Manufacturers (CAAM) announced that in September this year, China's auto sales reached 2.71 million, an increase of 5.7% year-on-year. CAAM had made a forecast in January 2017, saying that this year's car sales will increase by 5%. According to Reuters reported on October 12, the association recently said that the previous expectations may be difficult to achieve. However, CAAM deputy secretary-general Shi Jianhua believes that the growth rate of automobile sales in 2017 will reach at least 4%.

Due to the cancellation of the halve of the purchase tax for small cars, the start of the auto market in 2017 is not optimistic. Since June, car sales have rebounded. As of September, China has achieved sales growth for four consecutive months. However, based on market conditions, CAAM is still cautious in its forecast of full-year growth.

It is reported that in September China's car sales reached 2.71 million, an increase of 5.7%. In the first nine months, cumulative sales reached 20.2 million vehicles, an increase of 4.5% year-on-year. In 2016, China’s auto sales grew at a rate of 13.7% for the full year.

Market watchers said that due to the overall strong economic growth and the introduction of relevant incentive measures, the recent automobile sales performance was relatively strong, with the growth rate of 4.5%/6.2%/5.3% in June/August. At the same time, Toyota Motor Corporation, Honda, Nissan, and U.S. General Motors all posted impressive sales this week. In addition, Ford will also announce September results later this week.

According to CAAM data, the sales of new energy vehicles (NEVs) in China in September increased by 79.1%. To date, sales of new energy vehicles in China in 2017 have been 398 thousand, an increase of 37.7% from 2016.

CAMS Secretary-General Assistant Chen Shihua said that in 2017, including pure electric and hybrid models, it will achieve sales targets of 700,000 new energy vehicles in China.

In addition, automakers must meet the Chinese government’s requirements for new energy vehicle production by 2019, which promotes electric vehicle transactions and the launch of new electric and hybrid vehicles.