China auto sales speed up 14.6% in June

The Myanmar Times - - International / Business -

CAR sales growth in China, the top global auto mar­ket, ac­cel­er­ated for the sec­ond con­sec­u­tive month, an in­dus­try group re­ported yes­ter­day, de­spite con­tin­ued woes in the world’s sec­ond­largest econ­omy.

A to­tal of 2.07 mil­lion ve­hi­cles were sold in China last month, up 14.6 per­cent from a year ago, the China As­so­ci­a­tion of Au­to­mo­bile Man­u­fac­tur­ers (CAAM) said in a state­ment.

The num­bers were an in­crease on the 9.8pc gain posted in May, which was it­self an im­prove­ment on April’s 6.3pc.

China is cru­cial to for­eign au­tomak­ers, who have set up a se­ries of joint ven­tures as they seek to make the coun­try’s grow­ing mid­dle class more mo­bile.

Auto sales reached 24.6 mil­lion last year, and in Oc­to­ber the gov­ern­ment sought to boost the mar­ket by slash­ing the pur­chase tax on pas­sen­ger cars with small en­gines.

Sales of pas­sen­ger cars reached 1.78 mil­lion units in June, up 17.7pc yearon-year, CAAM data showed.

The pickup came de­spite pro­tracted weak­ness in the world’s sec­ond­largest econ­omy, where growth slowed to 6.7pc in the Jan­uary-to-March pe­riod, the worst quar­terly ex­pan­sion in seven years. –

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