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The Star
  • 9/8/2023
China's passenger vehicle sales returned to growth in August year-on-year, as deeper discounts and tax breaks for environmentally friendly and electric vehicles boosted consumer sentiment even as economic growth remains weak.

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Transcript
00:00 China's passenger vehicle sales returned to growth in August year on year.
00:06 Consumers were tempted to buy with deeper discounts and tax breaks for electric vehicles.
00:11 Industry data showed car sales were up 2.2% in August from the same month a year ago to
00:16 1.94 million units.
00:18 It was the first year on year gain since May.
00:21 US car maker Tesla was a major winner.
00:25 The auto giant has offered big discounts for its vehicles and saw its share of China's
00:28 EV market almost double in August to 13.2%.
00:33 The data said Tesla sold close to 64,700 cars in China in August.
00:39 Consumers bought up, even though China's general economic growth was weak.
00:43 Chinese automakers continued to bet on overseas markets as domestic growth eased.
00:49 Data showed exports surged 31% in August on the year.
00:54 Sales of new energy vehicles were also up more than a third last month.
00:58 Rivalries in China's auto market have grown more intense as makers struggle with weaker
01:02 demand.
01:03 A price war started by Tesla at the start of the year also continues.
01:08 -END TRANSCRIPT-

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