According to the information from the Zhixun Finance APP, on August 28th, the China Passenger Car Association announced that from August 1st to 25th, the passenger vehicle market retail sales reached 1.305 million units, a 5% year-on-year increase compared to August last year, and a 9% increase from the previous month. Year-to-date cumulative retail sales reached 12.872 million units, a 3% year-on-year growth. From August 1st to 25th, the national passenger vehicle manufacturers wholesaled 1.267 million units, a 2% year-on-year decrease compared to August last year, an 11% increase from the prior month. Year-to-date cumulative wholesale reached 14.987 million units, a 4% year-on-year growth.

From August 1st to 25th, the new energy fund passenger vehicle market retail sales reached 0.718 million units, a 48% year-on-year increase compared to August last year, and an 18% increase from the previous month. Year-to-date cumulative retail sales reached 5.707 million units, a 35% year-on-year growth. From August 1st to 25th, national passenger vehicle manufacturers new energy fund wholesale reached 0.675 million units, a 24% year-on-year increase compared to August last year, an 11% increase from the previous month. Year-to-date cumulative wholesale reached 6.237 million units, a 29% year-on-year growth.

In August 2024, the national passenger vehicle market started steadily.

In the first week of August, the average daily retail sales of passenger vehicles reached 0.041 million vehicles, a 2% year-on-year increase over the same period last August, and a 5% increase over the same period last month.

In the second week of August, the average daily retail sales of passenger vehicles reached 0.051 million vehicles, a 10% year-on-year increase over the same period last August, and a 23% increase over the same period last month.

In the third week of August, the average daily retail sales of passenger vehicles reached 0.055 million vehicles, an 8% year-on-year increase over the same period last August, and a 16% increase over the same period last month.

In the fourth week of August, the daily average retail sales of passenger vehicles reached 0.057 million units, with no year-on-year change compared to August last year and a 4% decrease from the prior month.

From August 1st to 25th, the passenger vehicle market sold 1.305 million units, a 5% increase compared to the same period last year, and a 9% increase compared to the previous month. Cumulative sales since the beginning of the year reached 12.872 million units, a 3% increase compared to last year.

Compared to the sluggishness in July, the demand for buying a second car for families, such as transporting children to and from school, is stronger before the start of the school season in August. In the first half of this year, there were 3.43 million registered marriages nationwide, a decrease of 0.498 million compared to the same period last year, which puts some pressure on the wedding car market in the autumn.

Since the middle and late July, manufacturers and dealers, with a mindset of recuperation, combined with seasonal personnel and equipment rest under the high-temperature summer environment, have focused on promotion recovery and price stability strategies on the premise of maintaining a good production and sales rhythm, in order to maintain channel stability.

The complex and changing external environment currently has a greater impact on consumer confidence, with some consumers lacking confidence in their purchasing power, and first-time buyers showing much weaker demand compared to replacement buyers. Replacement and additional purchase demand has become an important driving force for the growth of the automotive market. With the doubling of the national scrapping and subsidy policy, efforts to boost the enthusiasm for market renewal, the automotive market has been relatively strong since the end of July, driving the continued strength of the new car and used car markets, and will continue to serve as a cornerstone for maintaining the current size of the automotive market.

In particular, the sales of entry-level plug-in hybrid models and entry-level electric vehicles with a range of 200-300 kilometers have increased significantly since late July, stabilizing the growth of the automotive market and further increasing the penetration rate of new energy vehicles.

In August 2024, the sales volume of passenger vehicle manufacturers nationwide started off weak.

In the first week of August, the average daily wholesale volume of passenger vehicle manufacturers was 0.024 million, a decrease of 31% compared to the same period in August last year, and a decrease of 12% compared to the same period last month.

In the second week of August, the daily average wholesale of passenger vehicles by manufacturers was 0.041 million units, an 8% decrease compared to the same period last year, and a 26% increase compared to the previous month.

In the third week of August, passenger vehicle manufacturers wholesaled an average of 0.053 million vehicles per day, a 2% decrease compared to the same period last year and an 11% increase compared to the previous month.

In the fourth week of August, passenger vehicle manufacturers wholesaled an average of 0.073 million vehicles per day, an 11% increase compared to the same period last year and a 10% increase compared to the previous month.

From August 1st to 25th, national passenger vehicle manufacturers wholesaled 1.267 million vehicles, a 2% decrease compared to the same period last year and an 11% increase compared to the previous month. The cumulative wholesale volume since the beginning of this year has reached 14.987 million vehicles, a 4% increase compared to the same period last year.

August had a total of 22 working days, one less day compared to last year. With the structural differentiation of the growing automobile market, most companies have sufficient capacity for traditional vehicles, and have longer periods of high-temperature holidays. The market is in a period of consolidation. In August, there was a peak in vacations at the beginning of the month and a smaller peak in the middle of the month, which led to significant fluctuations in manufacturers' sales. Recently, manufacturers have reduced the pressure of production and sales at the beginning of the month to consider the survival pressure of dealers and market price changes. They have implemented more practical sales management. Therefore, sales by manufacturers in late August should show some recovery.

With the promotion of the scrap update subsidy policy in the retail market in August and the gradual introduction of replacement update policies in various regions, manufacturers' production and sales will gradually recover well.