Earlier today, China Association of Automobile Manufacturers (CAAM) released August China vehicle production and wholesale data. In summary, August passenger vehicle (PV) sales were 1.42m units, implying a YoY decline rate of 3.4%. The decline is slightly worse than the mild growth we saw a few days ago for about half of the market, and we think that the sales weakness was partly attributable to 1) FAW Volkswagen (down by 12.9% YoY), 2) Beijing Hyundai (down by 16.5% YoY) and 3) Dongfeng PSA (down by 17.3% YoY), whose wholesale data were not available back then.