Auto sales up more than 20pc in Au­gust

The Myanmar Times - - Business | International -

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.

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