China Association of Automobile Manufacturers (hereinafter referred to as CAAM) latest released data show that in August China's new energy vehicle production and sales year-on-year to maintain the trend of rapid growth in new energy vehicle sales accounted for the proportion of new car sales continued to improve.

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Data show that in August, China's new energy vehicle production and sales were completed 1,092,000 and 1,100,000 respectively, an increase of 29.6 per cent and 30 per cent year-on-year, and new energy vehicle new car sales reached 44.8 per cent of the total new car sales.

From January to August this year, the production and sales of new energy vehicles were completed 7.038 million and 7.037 million respectively, up 29% and 30.9% year-on-year, and the sales of new energy vehicles reached 37.5% of the total sales of new vehicles.

In terms of exports, in August, 110,000 new energy vehicles were exported, up 22% year-on-year; from January to August, 818,000 new energy vehicles were exported, up 12.6% year-on-year.

According to the analysis of CAC, since the National Development and Reform Commission and the Ministry of Finance issued the ‘Several Measures on Strengthening Support for Large-Scale Equipment Renewal and Consumer Goods Replacement’ on 25 July, the subsidy for automobile scrapping and renewal has been stepped up, and the average daily number of applications for subsidies for scrapping and renewal in August exceeded ten thousand. Some provinces and cities have also introduced replacement and renewal policies, and market consumption enthusiasm has been further stimulated, especially the strong performance of new-energy vehicles, which has boosted the growth of automobile production and sales on a year-on-year basis.

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