China Vehicle Sales Rise 47.9% in January

China's vehicle sales rose by 47.9% from a year earlier to 2.44 million units in January 2024, with new energy vehicle sales accounting for 29.9% of total sales and growing by 78.8% year-on-year, according to data from the China Association of Automobile Manufacturers (CAAM).

However, in contrast to December, total vehicle sales and NEV sales saw declines of 22.7% and 38.8%, respectively, reflecting weakened demand in the world's largest automotive market, amidst a prolonged housing slump and a market downturn.

Meanwhile, a separate report from the China Passenger Car Association (CPCA) revealed a stark 37.9% year-on-year drop in passenger vehicle sales, alongside a striking 40.4% month-on-month decrease, marking the weakest January performance since the early 2000s.