Ve­hi­cle sales driven by de­mand for smaller cars

The Myanmar Times - - Business -

CAR sales surged 23 per­cent year-onyear in July in China, the world’s big­gest auto mar­ket, on sales of smaller pas­sen­ger cars.

A to­tal of 1.85 mil­lion ve­hi­cles were sold in the coun­try last month, the China As­so­ci­a­tion of Au­to­mo­bile Man­u­fac­tur­ers (CAAM) said.

Growth in auto sales has ac­cel­er­ated for three con­sec­u­tive months as the coun­try’s econ­omy shows signs of sta­bil­is­ing.

The July growth rate was higher than the 14.6pc gain recorded in June, though to­tal sales were lower than the 2.07 mil­lion for the month.

Sales of pas­sen­ger cars with en­gines smaller than 1.6 litres jumped 38.6pc year-on-year to 1.14 mil­lion in July, CAAM data showed. The govern­ment slashed the pur­chase tax on pas­sen­ger cars with small en­gines last Oc­to­ber.

China’s car sales in­creased at their slow­est rate in three years in 2015, ris­ing less than 5pc an­nu­ally to 24.6 mil­lion units as the econ­omy lost mo­men­tum.

China’s econ­omy ex­panded 6.7pc in the sec­ond quar­ter of this year, the same as the pre­vi­ous three months but down from 6.9pc for all of 2015.

Photo: EPA

Car sales in China grew by over 23 per­cent in July com­pared to the same pe­riod last year.

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