Car sales rise in China ahead of national holidays
by Agency Staff,
2016-02-19 12:25:26.0
SHANGHAI — China’s vehicle sales rose nearly 8% year on year in January ahead of national holidays, an industry group said Friday, picking up pace in a traditionally strong period for car purchases.
China is the world’s largest car market, but its vehicle sales increased at their slowest rate in three years in 2015 as the country’s economy encountered problems.
Vehicle makers sold 2.5-million cars in China in January, up 7.7% year on year, the China Association of Automobile Manufacturers (CAAM) said in a statement.
Vehicle sales traditionally peak in January, ahead of the Lunar New Year, the most important annual holiday in the country.
China slashed the purchase tax on passenger cars with small engines in October, which continues to boost the vehicle market.
The country’s gross domestic product increased at its the lowest rate since 1990 last year, when vehicle sales rose nearly 5% to 24.6 million.
But industry group CAAM in January forecast vehicle sales would rise 6% year-on-year in 2016, improving from last year, Bloomberg News reported. Sales of major foreign brands were among those which increased in January. US vehicle giant General Motors sold more than 420,000 vehicles, up 7.3% year on year, according to the company.
US vehicle maker Ford said sales surged 36% to a record 130,832 last month, helped by purchases of sport utility vehicles.
AFP
A customer looks at a VW Polo at a Volkswagen dealership in Beijing, China. Picture: BLOOMBERG
SHANGHAI — China’s vehicle sales rose nearly 8% year on year in January ahead of national holidays, an industry group said Friday, picking up pace in a traditionally strong period for car purchases.
China is the world’s largest car market, but its vehicle sales increased at their slowest rate in three years in 2015 as the country’s economy encountered problems.
Vehicle makers sold 2.5-million cars in China in January, up 7.7% year on year, the China Association of Automobile Manufacturers (CAAM) said in a statement.
Vehicle sales traditionally peak in January, ahead of the Lunar New Year, the most important annual holiday in the country.
China slashed the purchase tax on passenger cars with small engines in October, which continues to boost the vehicle market.
The country’s gross domestic product increased at its the lowest rate since 1990 last year, when vehicle sales rose nearly 5% to 24.6 million.
But industry group CAAM in January forecast vehicle sales would rise 6% year-on-year in 2016, improving from last year, Bloomberg News reported. Sales of major foreign brands were among those which increased in January. US vehicle giant General Motors sold more than 420,000 vehicles, up 7.3% year on year, according to the company.
US vehicle maker Ford said sales surged 36% to a record 130,832 last month, helped by purchases of sport utility vehicles.
AFP
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