Chinese auto sales accelerate
AUTO sales in China, the world’s biggest car market and crucial to manufacturers, grew at their fastest rate in three years in September.
Sales reached 2.56 million units last month, up 26.1 percent year-onyear, the China Association of Automobile Manufacturers (CAAM) said.
That was even faster than August’s 24.2pc rise to 2.07 million units.
Auto sales have accelerated for the past five months in China as the economy shows signs of stabilising.
“Production and sales have both grown quickly,” the group said.
Sales of passenger vehicles had grown fastest, it added, giving the segment a 4pc larger share of the market than the same period last year.
The government slashed the purchase tax on passenger cars with small engines last October. The tax break is due to end in a few months.
An official measure of manufacturing activity maintained the strongest level in nearly two years last month while China’s producer prices fell at their slowest rate for more than four years in August, the most recent figures available.
China’s biggest carmaker Shanghai Auto Industry Corporation (SAIC) has reported a rise in net profit of more than 6pc in the first half of this year on stronger sales. –