China’s passenger car sales in February rose 10.4% year on year

China’s passenger car sales totaled 1.42 million units in February, data from the China Passenger Car Association showed on Wednesday, up 10.4 percent from the same period in 2022 when the week-long Lunar New Year holiday led to a decline in business activities.

It said car sales in the first two months fell 19.7 percent from last year.

The association’s data showed that sales of new energy vehicles, including battery electric cars and plug-in hybrid cars, accounted for more than 30 percent of total new car sales in the month and increased 61 percent from last year.

While overall demand fell, sales of new energy vehicles in the world’s largest auto market continued to accelerate as Beijing extended tax exemptions on such products and local authorities launched incentive programs to encourage purchase.