Auto sales rise on tax cuts, SUV boom
Print Edition
CHINA’S automobile market drove forward in July as buyers took advantage of tax cuts for small displacement engine cars and the boom in SUVs, but this momentum may soon ease, a motor analyst said.
Delivery of passenger cars and commercial vehicles surged 23 percent last month from a year earlier to 1.85 million units, revving up the combined growth rate of this year to 11.1 percent, the China Association of Automobile Manufacturers said yesterday.
In July, around 1.6 million passenger cars were sold, up 26.3 percent annually. Sport-utility vehicles took up 36 percent of the total and notched the biggest riser among all segments with a 45 percent year-on-year jump.
Engine displacement of 1.6 liters or less made up 71 percent of the passenger car sales and sales of these small-engine cars rose 38.6 percent in July.
Buyers of these cars have benefitted from a 50-percent vehicle purchase tax cut since last October. The cut equals to taking 5 percent off a car’s retail price excluding value-added tax.
But Zou Tianlong, UBS Securities’ auto analyst, expected “sales growth to slow down after August, moderating the average pace back to 11 percent at the year end.”
He predicted the growth rate to drop to 3 percent in the fourth quarter.
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