China's automobile industry maintained rapid growth in September amid the support of policies on stabilizing the economy and boosting consumption, reported Xinhua on October 11.

Data from the China Association of Automobile Manufacturers (CAAM) showed that in September, China’s automobile sales rose 25.7% year on year to 2.61 million units, and its automobile production topped 2.67 million units, up 28.1% from the same period of 2021.

CAAM's statistics also showed that China's auto exports reached 301,000 units, cementing China’s newly earned position as the world's No. 2 vehicle exporter, second only to Japan.

In breakdown, the sales of passenger vehicles in China surged 32.7% year on year to top 2.33 million units in September, continuing the sound growth between June and August, the data showed.

Thanks to multiple policy support, such as the reduction of purchase tax, China's passenger car sales have returned to normal and showed a rapid growth trend, said the association.

In the same period, the commercial vehicles market also reported continuous recovery, with production and sales up 10.5% and 7.9%, month on month, respectively.

The policy of further reducing expressway tolls for trucks in the fourth quarter is expected to promote the growth of road logistics and ramp up the recovery of the commercial vehicle market, according to the association.

Sales of new energy vehicles (NEVs) have remained a bright spot in China's auto market. Last month, the country's NEV sales hit 708,000 units, soaring 93.9% over one year earlier.

More than 4.56 million NEVs were sold in China during January and September, up 110% year on year and taking up 23.5% of the total share of China's auto market.

The country's NEV market will maintain sound performance in the future, said CAAM, noting that the confidence of enterprises in the field is further enhanced as the country has extended the purchase tax exemption policy for NEVs to the end of 2023, said the Xinhua report.

In the first nine months, 19.47 million automobiles were sold in China, up 4.4% year on year, with a pace 2.7 percentage points faster than the first eight months.

Despite the disruptions in the first half of the year, such as the price rise of raw materials and the COVID-19 pandemic, China's policies on stabilizing growth and promoting consumption have effectively supported the automobile industry to overcome difficulties and maintain rapid expansion between June and September, said Chen Shihua of CAAM.

It is expected that China's auto production and sales will continue robust expansion in the fourth quarter as the development environment continues to improve, supported by a raft of policies on stabilizing the economy, said the Xinhua report.