China's auto sales climbs 32% Y/Y in August led by EVs
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China's auto sales grew 32.1% year-over-year to reach 2.38M units in August 2022, data from the China Association of Automobile Manufacturers (CAAM) reported on Friday.
Compared to July 2022, sales were down 1.5% as power restrictions interrupted production and China's intense heatwave reduced customer visits to showrooms.
Sales for the first eight months were 1.7% higher than the same period in 2021.
A look at China's monthly vehicle sales:

August sales of new energy vehicle reached a record 666K units, up 12.31% from 593K units sold in July and 107.48% from 321K units sold in Aug 2021.
This implies that the penetration of NEVs in China reached a record 27.9% in August, up 3.4 percentage points from 24.5% in July.
Battery electric vehicle sales were 522K units, up 92.9 Y/Y; plug-in hybrid sales grew 160% Y/Y to 144K units; and fuel cell vehicle sales were 255 units, up 570% Y/Y.
China's vehicle exports also grew 65% from a year ago, with EVs accounting for 27% of them.
Shares of Nio (NIO), Li Auto (LI), Tesla (TSLA) and Xpeng (NYSE:XPEV) all jumped in pre-market hours.
Tesla (TSLA) nearly tripled its sales in August 2022 from a month ago, delivering 76,965 Chinese-made vehicles in the month - up 172.76% from 28,217 units sold in July 2022.

Peer BYD (OTCPK:BYDDF) led the electric vehicle producers with 173,977 cars delivered in August. Nio (NIO), Xpeng (XPEV) and Li Auto (LI) delivered 10,677, 9,578 and 4,571 vehicles, respectively.