0915 GMT - China's domestic retail sales of cars are expected to rise by 3% in 2025 compared to the previous year, according to Goldman Sachs analysts in a note. The country's passenger vehicle industry saw significantly stronger retail volumes in the 4Q 2024, thanks to expanded trade-in subsidies introduced at the end of July, they note. GS estimates that a total of 1.7 million vehicle sales were driven by the government subsidy last year. With government stimulus for autos extended into this year, GS raises its China passenger vehicle retail forecast for 2025 to 23.6 million from 22.1 million. Sales of new energy vehicles, including both electric vehicles and hybrids, are expected to capture an even larger market share this year, due to trade-in subsidies, strong model launches and price reductions, GS says. (jiahui.huang@wsj.com; @ivy_jiahuihuang)
(END) Dow Jones Newswires
February 19, 2025 04:15 ET (09:15 GMT)
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