New-vehicle sales rise 2% in August

Retail sales of new passenger vehicles in China rose two percent in August from a year earlier, according to a preliminary tally from the China Automobile Dealers Association.

The trade group blamed the lower-than-expected sales growth on weak consumer demand in the second half of the month amid a slowing domestic economy. It initially predicted the market would expand five percent in August.

Roughly 1.9 million sedans, crossovers, SUVs and multipurpose vehicles were delivered across the country last month, the trade group said on Wednesday.

For the first eight months, the new-car market expanded two percent to approach 13.2 million.

The market has been shored up by demand for electrified vehicles such as full electric vehicles and plug-in hybrids.

In August, deliveries of electrified vehicles industrywide surged 32 percent to around 698,000, with year-to-date volume spiking 36 percent to top 4.4 million, the CADA said.