China August vehicles sales grow 24.2% on year; output up 26.6%

09 September 2016 09:12 Source:ICIS News

SINGAPORE (ICIS)--China’s August vehicles sales reached 2.07m units, up by 24.2% year on year and higher by 11.8% from the previous month, official industrial data showed on Friday.

Vehicle production in August grew by 26.6% on year to 1.99m units, according to the China Association of Automobile Manufacturers (CAAM).

Sales of passenger cars stood at 1.80m units, up by 26.3% on year.

The spike in the August figures was largely due to a low base in the same period last year, CAAM said.

In January-August, total vehicles sales increased by 11.4% on year to 16.8m units, while sales of passenger cars rose by 12.8% to 14.4m units.

The automotive industry is a major global consumer of petrochemicals which contributes more than a third of the raw material costs of an average vehicle. ICIS tracks the movement of petrochemical raw material costs in auto production both globally and regionally with the weighted ICIS Basket of Automotive Petrochemicals (IBAP).

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By Fanny Zhang