Passenger car sales declined during August in China

Sales of passenger cars in China dropped in August from a year ago, according to the data from an industry association showed on Wednesday.

Retail sales of passenger vehicles, including sedans, sport-utility vehicles, and multipurpose vehicles, declined 14.7 percent year on year to 1.45 million units in August, the statistics by the China Passenger Car Association showed.

On a monthly basis, the sales declined by 3.3 percent.

The association attributed August’s decline to the worldwide chip shortage crisis.

During the January-August period, passenger vehicle sales stood at about 12.9 million units, increasing 17.1 percent year on year.

In particular, new energy vehicle sales boosted by 1 million units in the first eight months, contributing 54 percent to the overall growth in passenger car sales during the period.

Luxury car sales dropped 19 percent year on year in August to 200,000 units. The sales, however, jumped 3 percent from July and 9 percent from the same month in 2019, indicating that Chinese consumers’ demand for high-end autos remained robust, according to the association.