As we discussed in Commodore Research’s most recent Weekly China Report, August saw a total of 2.86 million vehicles sold in China (and also 611,000 vehicles exported). Of the 2.86 million vehicles, 1.08 million were gas engine vehicles, which marked a year-on-year rise of 13%. Gas-engine vehicle sales have now grown on a year-on-year basis for three straight months. Previously, they had contracted on a year-on-year basis in fifteen of the prior sixteen months.
China’s crude oil imports totaled 49.5 million tons in August, which was up from July by 2.3 million tons (5%) and up year-on-year by 400,000 tons (1%). Very significant is that imports have now grown on a year-on-year basis in five of the last six months. Previously, they had contracted on a year-on-year basis in nine of the prior ten months.
Also of note is that 52% of China’s total vehicle sales in August were NEVs. Sales of NEV vehicles in China have now exceeded sales of gas-engine vehicles in three of the last four months – but lately this has not been stopping gas engine vehicle sales from growing on a year-on-year basis.
