China Vehicle Sales Rise Further in 2023, Boosted by Stimulus Policies, Sales Promotions

By Jiahui Huang

China's vehicle sales grew further in 2023, boosted by the government's stimulus policies and sales promotions.

Retail sales of passenger cars in the world's biggest auto market rose 5.6% from the previous year to 21.7 million vehicles, the China Passenger Car Association said Tuesday. This is higher than the 1.9% rise in 2022 when the country was under strict Covid-19 curbs.

In December, auto retail sales climbed 8.5% on year to 2.35 million amid carmakers' promotions to reach their year-end sales targets and local governments' car-purchase subsidies to boost consumption.

Retail sales of new-energy cars, which include electric vehicles and plug-in hybrids, rose 36.2% in 2023 to almost 7.74 million. In December, retail sales of new-energy vehicles reached 945,000.

Exports of new-energy vehicles in December rose 40% on year, taking 2023 growth to 72%.

Production of passenger cars in December rose 27% from a year earlier, as auto manufacturers ramped up production amid local government policies to stabilize manufacturing and employment, the CPCA said.

Write to Jiahui Huang at [e-mail]

(END) Dow Jones Newswires

01-09-24 0449ET