China's vehicle sales experienced a notable uptick in September, with a 5% year-on-year (YoY) and month-on-month (MoM) increase to 2.02 million vehicles sold, as reported by the China Passenger Car Association (CPCA). This surge was primarily attributed to promotional activities and anticipation of holidays such as the Golden Week.
A significant push for quarterly sales targets by automakers, especially noticeable in the new-energy cars sector, contributed to this growth. The sector witnessed a 10.7% YoY increase, demonstrating a robust trend toward cleaner energy vehicles in the Chinese market.
In addition to domestic sales growth, China's auto industry also recorded a strong export growth of 50% YoY in September. Tesla (NASDAQ:TSLA)'s Shanghai plant played a crucial role in these figures, with 74,073 deliveries made in September alone.
Despite ongoing concerns over the European Union's anti-subsidy investigation into Chinese electric vehicle imports, the CPCA maintains an optimistic outlook for the industry. The association expects further growth in October, indicating sustained momentum in China's auto market.
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