China’s Auto Sector Reports Growth Momentum in First 9 Months

China's automobile industry has revealed a growth trend, with its production and sales of vehicles increasing steadily in the first nine months of 2024. Data from the China Association of Automobile Manufacturers showed that from January to September, China's auto production totaled about 21.47 million units, up 1.9% year on year. Auto sales stood at 21.57 million units, an increase of 2.4% from the same period last year, according to China's News Agency (Xinhua). In September, auto production came in at nearly 2.8 million units, down 1.9% year on year, while monthly sales totaled about 2.81 million units, down 1.7% year on year. China's passenger vehicle market has been gradually picking up, with retail sales growing stronger in the third quarter of this year, thanks to government policies encouraging vehicle trade-ins and manufacturers launching new models during "Golden September and Silver October", a peak period for car sales. Source: Qatar News Agency