Car sales in China surged 76% year-on-year to 946,400 units in October, as government stimulus policies continued to boost demand.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Data released by the China Association of Automobile Manufacturers (CAAM) also showed. that total vehicle sales reached 1.23m units in October, up 72.5% from a year earlier.
China’s car market has surged this year on the back of government stimulus measures which have reduced taxes on purchase for cars up to 1.6 litre engine displacement.
Rao Da, secretary-general of China Passenger Car Association, said that during the first 10 months, passenger vehicle sales surged nearly 52.4% over the same period last year to 8.08m units.
“The government’s favourable tax policy and the eight-day National Day holidays spurred sales in October. The robust trend was also aided as vehicle manufacturers produced more popular models during the period and reduced the delivery time,” said Rao.
“We are optimistic that the November figures would surpass that of October as sales normally peak toward the end of the year,” he said.
“More importantly, by the end of November, total vehicles sales in China will surpass the 12-million-unit target, set by the government under its automobile industry restructuring plan of last year, some 25 months in advance,” said Rao.
“We expect full-year automobile sales to touch 13.5m with a year-on-year growth rate of 44 percent. That in turn, would make China the world’s largest automobile market for the whole year.”
