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Updated February 8th, 2024 at 16:45 IST

China January passenger vehicle sales dip 14.1%

The PV sales stood at 2.05 million units, up 57.1 per cent from a year earlier.

Business Desk
China's passenger vehicle sales dips 14.1% in January
China's passenger vehicle sales dips 14.1% in January | Image:YouTube Screengrab
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PV Sales: China's passenger vehicle (PV) sales shrank 14.1 per cent in January from the prior month, the first such slide since August, as per the data from the China Passenger Car Association (CPCA) showed on Thursday.

The PV sales stood at 2.05 million units, up 57.1 per cent from a year earlier.

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Meanwhile, the battery-powered electric vehicle (EV) sales sagged 37 per cent in January month-on-month basis, far below expectations, a main source of pressure on auto market growth, said Cui Dongshu, Secretary General for CPCA.

A price war among automakers will remain fierce in 2024, Cui predicted. More than 40 brands joined the price war that was triggered by Tesla in China throughout 2023.

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Demand faltered in the world's largest auto market despite a renewed discounting push led by Tesla at the start of 2024.

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Published February 8th, 2024 at 12:48 IST

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