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China’s auto sales surge in October

by ChemOrbis Editorial Team -
  • 06/11/2015 (10:30)
According to data from the China Passenger Car Association, the country’s auto sales rose 11.3% to 1.85 million units last month, recording the largest monthly gain since March on the back of the Chinese government’s recent tax cut on car purchases. China’s auto sales for the first ten months of the year climbed 6.4% to reach 16.2 million units.

The Chinese government cut a purchase tax on vehicles with engines 1.6 liters or smaller by half to 5%, effective through the end of this year. In addition to the tax cut, some automakers also gave discounts in order to improve demand, supporting higher auto sales.

Sales for sport utility vehicles posted the fastest growth, surging 69% in October while sales of multipurpose vehicles climbed 6.6%. However, sedan vehicles sales fell 5.1% in October.

Among the major auto brands, Hyundai’s sales increased 8.5% on the year in October, posting the first gain in seven months while General Motors’ sales also posted their first increase in three months, increasing by 15% from a year earlier. Nissan’s auto sales, meanwhile, surged 17% in October while Ford Motor Co. and Volkswagen AG’s Audi also reported that their sales benefited from the recent tax cut.
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