By Kate Yuan

(JW Insights) Sep 13 -- China sold 5.374 million new energy vehicles (NEVs) in January-August, up 39.2% over the last year, holding a market share of 29.5%. The NEV production hit 5.434 million units, showing a 36.9% year-on-year growth, showed the data released by the China Association of Automobile Manufacturers (CAAM) on September 11.

In August, China's automobile production and sales reached 2.575 million and 2.582 million units, respectively, up 7.5% and 8.4% respectively from a year earlier. The production and sales of NEVs in China reached 843,000 and 846,000 units, respectively, up 22% and 27% year on year with a market share of 32.8%.

From January to August, the cumulative automobile production and sales in China reached 18.225 million and 18.210 million units, up 7.4% and 8%.

Both passenger vehicles and commercial vehicles experienced growth in production and sales, while NEVs and automobile exports continued to perform well. With the effects of various policies and the upcoming peak season, major carmakers are also continuously launching new products, which will further stimulate market demand, said CAAM.

The top ten automakers accounted for 84.8% of the total vehicle sales, selling 15.449 million units from January to August. Chery, Geely, and BAIC achieved double-digit growth, while many others experienced varying degrees of decline.

Regarding exports, China exported 408,000 vehicles in August, growing by 32.1% year on year. Exports of passenger vehicles and commercial vehicles reached 349,000 and 59,000 units, up 34.2% and 21.4% respectively.

In January-August, China’s auto exports climbed by 61.9% over the last year, hitting 2.941 million vehicles. Exports of passenger vehicles and commercial vehicles surged by 69.8% and 31.1%, reaching 2.455 million and 486,000 units.