Strong EV demand boosts China's auto sales

STORY: China’s vehicle sales are up 32.1% from a year ago, reaching 2.38 million units in August

The recovery is being led by electric vehicles, boosted by government incentives

Source: China Association of Automobile Manufacturers

Sales for the first eight months were 1.7% higher than the same period in 2021

Sales of new energy vehicles was up 100% in August from the previous year

Source: China Association of Automobile Manufacturers

China's vehicle exports increased 65% from a year ago, with electric vehicles accounting for 27%

But August sales were 1.5% lower than July, due in part to power restrictions and a record heat wave

China has offered incentives to revive auto demand in the face of the global health crisis and persistent lockdowns weighing down the industry