Reuters
China car sales return to growth in Aug, Tesla nearly doubles EV share
BEIJING/SHANGHAI (Reuters) -China’s passenger vehicle sales returned to growth in August year-on-year, as deeper discounts and tax breaks for environmentally friendly and electric vehicles boosted consumer sentiment even as economic growth remains weak. Car sales jumped 2.2% in August from the same month a year ago to 1.94 million units, data from the China Passenger Car Association (CPCA) showed on Friday, the first year-on-year gain since May. Buoyed by hefty discounts, Tesla’s share of China’s electric vehicle (EV) market almost doubled in August to 13.2 percent from 7.5 percent in July, according to Reuters calculations based on the CPCA data.