China Feb passenger cars sales up 10.4% on year - CPCA

SHANGHAI/BEIJING :China's passenger vehicle sales totalled 1.42 million units in February, up 10.4 per cent from a low base in the same period in 2022 when a week-long Lunar New Year holiday reduced business activities, industry association data showed on Wednesday.

The car sales in the first two months fell 19.7 per cent from a year ago, the China Passenger Car Association said. Sales of new energy cars that include pure battery electric cars and plug-in hybrids accounted for more than 30 per cent of the total new car sales in the month and increased 61 per cent from a year ago, CPCA data showed.

While overall demand have softened, sales of new energy vehicles in the world's biggest auto market have continued to accelerate as Beijing extended tax exemption on such products and local authorities rolled out incentives to encourage purchases.

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