China’s auto sales surge in October
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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