Beijing—China's automobile industry has reported a 3 percent increase in sales year-on-year for the first eight months of 2024, reflecting steady market growth despite a recent downturn in monthly figures.

According to Namibia Press Agency, data released by the China Association of Automobile Manufacturers indicates that total auto sales reached approximately 18.77 million units from January to August. Automaker production also saw a rise, totaling 18.67 million vehicles, a 2.5 percent increase compared to the same period last year. However, the report noted a decline in August with a 5 percent drop in auto sales to about 2.45 million units, and a 3.2 percent decrease in production to 2.49 million units.

Chen Shihua, deputy secretary-general of the association, pointed out that the auto market is poised to enter its peak sales season in the upcoming months of September and October. He emphasized the positive impact of recent trade-in programs, which are expected to bolster the market for the remainder of the year and enhance overall consumer market vitality.

Moreover, the data highlighted a significant surge in auto exports, which expanded by 25.4 percent year-on-year, reaching 511,000 units in the last month alone, suggesting robust international demand for Chinese vehicles.