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January 13, 2017

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Home » Business » Auto

China sees auto sales boom in 2016

AUTO sales in China, the world’s biggest car market, surged at their fastest in three years in 2016, an industry group reported yesterday, jumping nearly 14 percent after authorities cut a purchase tax.

The world’s second-largest economy is crucial to global auto manufacturers, but the market took a hit from slowing economic growth in 2015.

However, a total of 28.03 million cars were sold last year, up 13.7 percent annually, the China Association of Automobile Manufacturers said.

“Both production and sales achieved historic new highs,” the association said in a statement.

It added that China’s auto sales “ranked first globally for the eighth straight year.”

Sales had risen 4.7 percent in 2015 and 6.9 percent the previous year.

The industry group said 2016 sales were “boosted” by China’s halving of a purchase tax on small-engine passenger cars.

Originally set at 10 percent, the tax was cut beginning in October 2015 in a bid to stimulate the market.

The manufacturers’ association said sales of such cars grew 21.4 percent in 2016, accounting for over 70 percent of all passenger car sales.

However, the finance ministry said last month that the tax would be raised to 7.5 percent this year and restored to the original rate of 10 percent next year.

Volkswagen said this week that it sold 3.98 million vehicles to customers in China, making it the country’s top foreign automaker by sales, despite the global scandal over its attempts to hide emissions levels.

General Motors delivered a record 3.87 million vehicles in China in 2016, up 7 percent from 2015, the company said last week.

US carmaker Ford also set a company record for China sales in 2016 with 1.27 million vehicles, up 14 percent from the previous year, the company has said.


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