China passenger vehicle retail market slumps 24% in September

[the street view in Kowloon bay] LewisTsePuiLung An YTD slump in the passenger vehicle market in China extended last month, with retail sales for September totaling roughly 1.7M, a 24% decline from a year ago, according to preliminary data released by the China Passenger Car Association on Saturday. While YTD retail sales fell 21% YoY to ~13.4M, the broader passenger vehicle market expanded from August, with passenger vehicle retail sales climbing ~10% from a month ago, driven by new energy vehicles. Retail sales of passenger NEVs stood at ~1.1M in September, down ~12% YoY but accounting for ~67% of total passenger vehicle retail sales for the month. YTD retail NEV sales totaled ~7.