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China’s car market rises 9.7% on tax cuts for small vehicles
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CHINA’S car market rallied strongly by 9.7 percent last month from a year earlier, as the central government halved vehicle purchase taxes for passenger cars with engines below 1.6 liters, the China Association of Automobile Manufacturers said yesterday.
The rally came after September’s 2.1 percent moderate growth, which reversed a three-month drop.
The accumulative sales so far this year hit 19.27 million units, up 1.5 percent year on year. But the increase is still short of the 3 percent annual growth target.
The latest tax cuts, effective since October and will last till the end of next year, were the catalyst for the strong performance, said Cui Dongshu, secretary-general of the China Passenger Car Association.
The tax cuts of 5 percent off the cars’ retail price excluding value-added taxes helped China’s passenger car deliveries surge an impressive 13.3 percent last month.
“In the past, there was little official support for the auto market, which was hampered by purchase restrictions and traffic control. The new policy lifts consumer confidence and awareness,” said Cui.
The new-energy car market grew five times last month and nearly three times so far this year to 171,145 units.
Shanghai saw an increase of 26,165 new-energy cars this year, boosting the city’s green deployment to 37,324 units since 2013.
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