REUTERS/Aly Song/File Photo Acquire Licensing RightsBEIJING/SHANGHAI, Sept 8 (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.
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.
Tesla (TSLA.O) sold 64,694 cars in China in August, the data showed, while deliveries of its China-made Model Y hit 65,316 last month, topping the CPCA passenger vehicle model sales.
Sales of new energy vehicles (NEVs), which have underpinned China's auto sales growth, were up 34.5% in August, accounting for 36.9% of total car sales.
However, the company introduced its restyled Model 3 a starting price 12% higher than the previous, base rear-wheel drive model.
Persons:
Aly, General Cui Dongshu, Tesla, Warren Buffett, Xpeng, Qiaoyi Li, Zhang Yan, Brenda Goh, Kim Coghill, Miral
Organizations:
Auto, REUTERS, Rights, China Passenger Car Association, Reuters, Reuters Graphics, U.S, EV, Monday, IAA Mobility, HK, Thomson
Locations:
Auto Shanghai, Shanghai, China, Rights BEIJING, SHANGHAI, Europe, Munich