Auto sales surge in October
By Pan Xiaoyi |
November 6, 2010, Saturday
|
Print Edition
Print Edition
CHINA'S passenger car sales continue to surge in October as consumers rushed to avail themselves of the government stimulus policies before they expire at the end of this year.
Combined sales of passenger vehicles, including sedans, sport-utility vehicles and multi-purpose vehicles, totaled 1.16 million units last month, an annual jump of 25.3 percent, the China Passenger Car Association said yesterday.
"The last rush to take advantage of the government's stimulus policies has created a buying momentum from September," said Cui Dongshu, an analyst at CPCA. "And the momentum will continue through the end of this year."
The stimulus package include subsidies for replacing old vehicles for new models and for purchases by rural residents. Consumers buying smaller engine cars also enjoy the preferential taxes. These policies are due to expire at the end of this year.
"November is expected to see a very positive performance due to the same reason. Meanwhile, procurement from the government agencies and official institutions that started in October will give another boost to auto sales," Cui added.
Dealers are also upbeat about the fourth quarter, with 81.8 percent surveyed by Sinotrust International Information and Consulting saying the last three months will see growth in sales continuing. Meanwhile, 15.7 percent of dealers expect the growth to be significant.
Sinotrust estimated the annual passenger car sales are likely to jump 30.2 percent to 13.42 million units while total auto sales, including commercial vehicles, will exceed 17.7 million units this year.
Industry analysts, however, warned that China's auto sales may peak in the first quarter of next year without the stimulus package and called for stronger government support for new-energy cars.
Combined sales of passenger vehicles, including sedans, sport-utility vehicles and multi-purpose vehicles, totaled 1.16 million units last month, an annual jump of 25.3 percent, the China Passenger Car Association said yesterday.
"The last rush to take advantage of the government's stimulus policies has created a buying momentum from September," said Cui Dongshu, an analyst at CPCA. "And the momentum will continue through the end of this year."
The stimulus package include subsidies for replacing old vehicles for new models and for purchases by rural residents. Consumers buying smaller engine cars also enjoy the preferential taxes. These policies are due to expire at the end of this year.
"November is expected to see a very positive performance due to the same reason. Meanwhile, procurement from the government agencies and official institutions that started in October will give another boost to auto sales," Cui added.
Dealers are also upbeat about the fourth quarter, with 81.8 percent surveyed by Sinotrust International Information and Consulting saying the last three months will see growth in sales continuing. Meanwhile, 15.7 percent of dealers expect the growth to be significant.
Sinotrust estimated the annual passenger car sales are likely to jump 30.2 percent to 13.42 million units while total auto sales, including commercial vehicles, will exceed 17.7 million units this year.
Industry analysts, however, warned that China's auto sales may peak in the first quarter of next year without the stimulus package and called for stronger government support for new-energy cars.
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