China Association of Automobile Manufacturers (CAAM): Retail sales of passenger cars in August are expected to be around 1.94 million units, with the penetration rate of new energy vehicles possibly reaching a record high of 56.7%.

According to the Zhitong Finance and Economics APP, on August 22, the China Passenger Car Association announced that the total retail sales of narrow definition passenger vehicles this month is estimated to be about 1.94 million, a month-on-month increase of 6.2% and a year-on-year increase of 2.0%. It is estimated that the retail sales of new energy vehicles can reach around 1.1 million, with a penetration rate of 56.7%. The growth rate of the July car market slowed down temporarily due to seasonal factors and the transitional adjustment period of the old-for-new policy. With the gradual disbursement of the third batch of central subsidies to local governments at the end of July, the market is gradually returning to normal operation and showing a steady growth trend overall.