China auto sales rise in January-february
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.