China's August auto retail sales rose 5.5% month on month, Cui Dongshu says

According to Wallstreetcn, Cui Dongshu, secretary general of the China Passenger Car Association's branch, said August 2026 auto retail sales rose 5.5% month on month, driven by high oil prices, weaker macro conditions, rising policy expectations, and the Chengdu Auto Show. He said geopolitical conflict continued to disrupt navigation through the Strait of Hormuz, keeping international oil prices at a high level, while domestic gasoline prices in 2026 have been raised by more than 1,720 yuan per ton in total, including a 180 yuan increase since late July, sharply lifting the cost of owning fuel vehicles and causing domestic demand for fuel passenger cars to shrink sharply. He added that manufacturing PMI rose 0.6 percentage point month on month to 49.8% in August, still below the boom-bust line, and that terminal demand and foot traffic showed a pattern of weakness early in the month and improvement later on.