Chinese car industry is still struggling, car sales -5% y/y in August (prior -5.2%)

Earlier this week Arno had the intitial round of numbers showing slipping China car sales:

• China August passenger car sales down 1.1% y/y to 1.92 mln CPCA reports

Follow-up numbers from the China Association of Automobile Manufacturers (CAA) were released on Wednesday. These were ven worse, showing that car sales in August dropped by 5.0% y/y

• July was -5.2%
• June was -2.7%

Sales of ICE vehicles plunged, sales of new energy vehicles (NEVs), including battery EVs and plug-in hybrids, surged.