China auto sales rise in Jan­uary-fe­bru­ary

The Pak Banker - - 6BUSINESS -

Auto sales in China, the world’s top car mar­ket, rose in the first two months of the year, an in­dus­try group said Mon­day, in­di­cat­ing strong de­mand as the coun­try’s econ­omy grad­u­ally re­cov­ers.

A to­tal of 3.39 mil­lion ve­hi­cles were sold in the coun­try over Jan­uary and Fe­bru­ary, ris­ing 14.7 per cent from the same pe­riod last year, the China As­so­ci­a­tion of Au­to­mo­bile Man­u­fac­tur­ers (CAAM) said in a state­ment. “The auto in­dus­try had a good start this year and the over­all mar­ket de­mand for cars has re­mained strong,” said the state­ment. Giv­ing the fig­ure for the two months re­duces sea­sonal dis­tor­tions due to the Lu­nar New Year hol­i­day, which fell in Fe­bru­ary this year but Jan­uary in 2012.

To­tal auto sales de­clined by around 14 per cent year-on-year to 1.35 mil­lion units in Fe­bru­ary, the CAAM said, blam­ing the week-long hol­i­day for the drop. That came af­ter sales surged 46.4 per cent year-on-year in Jan­uary, set­ting a record for any month, thanks to a con­sumer tra­di­tion of spend­ing an­nual bonuses be­fore the hol­i­day and a low com­par­a­tive base in the first month of 2012. Sales of pas­sen­ger ve­hi­cles de­clined by 8.3 per cent year-on-year last month to 1.11 mil­lion units.

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