China’s Auto Sales Rebound In September
China’s auto sales saw a rebound in September thanks to the government’s stimulus policies to revive the industry, a report said Tuesday.
Auto sales increased 2.1% to 2.02-M, China Association of Automobile Manufacturers (CAAM) said in a statement.
Auto production dropped 5.6% Y-Y to 1.89-M last month, according to CAAM.
During the January – September frame, auto sales rose 0.3% to 17.06%, and auto production fell 0.8% to 17.09-M.
The association attributed the sales rebound in September mainly to the growth in passenger car and new energy vehicle sales.
Passenger car sales jumped 3.3% to 1.75-M in September, while sales of business cars dropped 4.9% to 273,600 year on year, said CAAM.
New energy vehicles (pure electric and hybrid electric cars) outperformed their peers last month, registering 210- and 220% growth Y-Y both in output and sales to reach 28,324 and 28,092, respectively.
China’s automobile market has been cooling in Y 2015 as a result of economic slowdown, fierce competition and purchase quota policies in 1st-tier cities.
Amid worsening air quality, the government has rolled out measures including tax redemptions, price subsidies and free number plates to promote new energy vehicles.
Several other measures to revive the automobile industry also included supporting new energy car sales and development of power batteries, forbidding local governments to set limits on electric car purchase and ensuring proportions of electricity powered buses.
Xu Minfeng, an analyst of the car industry at Central China Securities,believes the stimulating measures will likely boost China’s car demand in Y’s 2015 and 2016, helping many wait-and-see buyers to make the decision to take action.
Stay tuned…
HeffX-LTN
Paul Ebeling
The post China’s Auto Sales Rebound In September appeared first on Live Trading News.