The official sales report for China’s car market indicates a 13.3 percent increase over a year-ago figures, a growth higher than analysts have anticipated.
Lately, all the reports from different analysts have revealed that china’s auto sales would slow down. But no more than a week ago, the China Passenger Car Association has announced a sales increase in October by 11.3 percent to 1.85 million cars, showing the market in China is not that slow. Now the official report confirmed that demands are not yet on a downward slope, revealing a hefty increase over a year-ago figures. China’s automobile sales grew 11.8 percent year on year to 2.22 million vehicles in October, with passenger car sales jumped 13.3 percent year on year to 1.94 million. 19.28 million vehicles were sold in the first 10 months of this year, 1.5 percent more than in the same period in 2014, according to the latest official data. “The recently announced government incentive for vehicle purchases helped boost buying sentiment starting in October,” stated Matt Tsien, GM’s China president.
Like in the US’ auto market, the increase is due to a high demand of SUVs, a segment where sales were boosted by 60,6 percent to more than 622,000 units. The sedan models were not that popular, with a demand increase only by 0,2 percent, to just 1 million cars. The Chinese government’s efforts to support green technologies are beginning to pay off as sales of battery electric and plug-in hybrid passenger cars were up 850% and 200%, respectively, according to the Ministry of Industry and Information Technology.
The major automakers resorted to strong marketing campaigns consisting in discounts to increase the demand, therefore the figures for October have reflected that strategy. General Motors’ sales rose 15 percent, including Buick’s 42 percent boost, Ford sales were 7 percent up over a year ago to 95,185 vehicles, Nissan sales rose 16.8 percent to 109,600 units, and Toyota deliveries nearly doubled to 103,400 vehicles with year-to-year sales up 110 percent.
Via The Detroit Bureau