Auto sales up more than 20pc in August
AUTO sales in China, the world’s biggest car market and crucial to worldwide manufacturers, grew at a faster rate in August.
Sales reached 2.07 million units in August, up 24.2 percent, the China Association of Automobile Manufacturers (CAAM) said.
Both growth and total sales surpassed July, when vehicles sales rose 23pc to 1.85 million units.
Auto sales growth has accelerated for the past four months as the economy shows signs of stabilising.
An official measure of manufacturing activity rebounded to its strongest level in nearly two years last month while China’s producer prices fell at their slowest rate for more than four years.
Sales of passenger cars with engines smaller than 1.6 litres, which accounts for more than 70pc of total auto sales, jumped 40.7pc to 1.29 million, CAAM data showed.
The government slashed the purchase tax on passenger cars with small engines last October.
Some foreign manufacturers saw their sales surge last month, with US auto giant General Motors selling 293,537 vehicles, up 18pc year-onyear, and Ford’s sales jumping 22pc to 96,450 units.