Passenger car sales resume pace in February
Print Edition
CHINA’S passenger car market continued to grow last month after sales were slowed temporarily by the Spring Festival holiday, the China Passenger Car Association said yesterday.
Sales of sedans, sport-utility vehicles, multi-purpose vehicles and minivans grew 9.4 percent from the same month a year earlier to 1.14 million units in February, breaking a run of monthly double-digit increases for the first time in a year.
Sales in February started off weak as dealerships were shut for the weeklong holiday. But the situation turned better after the break and led to a relatively satisfactory monthly performance, said Rao Da, secretary-general of the association.
The growth in the vehicle sales, a leading indicator of the economy, shows that China’s gross domestic product is set to grow steadily this year, he added.
As the first quarter is nearing its end, carmakers will cut prices deeply to grab market share, and dealerships are likely to increase their inventories.
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