CPCA data: August was not a seasonal peak; extreme heat and typhoons kept
volumes low but recovery momentum is building. Internal combustion engine sales
remain pressured by high fuel prices and aging product cycles, likely to show a
sizable YoY decline. New-energy vehicles are the structural growth driver.
Preliminary estimate for the narrow passenger vehicle market is ~1.58 mln units;
NEV retail about 1.04 mln and penetration roughly 65.8%.
