China Feb passenger cars sales up 10.4% on year - CPCA

China's passenger vehicle sales totalled 1.42 million units in February, up 10.4% from a low base in the same period in 2022 when a week-long Lunar New Year holiday reduced business activities, industry association data showed on Wednesday.

The car sales in the first two months fell 19.7% from a year ago, the China Passenger Car Association (CPCA) said. Sales of new energy cars that include pure battery electric cars and plug-in hybrids accounted for more than 30% of the total new car sales in the month and increased 61% from a year ago, CPCA data showed.

While overall demand have softened, sales of new energy vehicles (NEV) in the world's biggest auto market have continued to accelerate as Beijing extended tax exemption on such products and local authorities rolled out incentives to encourage purchases.