Passenger car sales reverse downturn
Print Edition
China’s passenger car sales reversed a downturn with a double-digit growth in the first half of October, lifted by vehicle purchase tax cuts which were effective from the start of this month, according to data released by the China Passenger Car Association yesterday.
From October 1 to 16, retail deliveries of sedans, sport-utility vehicles and multi-purpose vehicles grew 12 percent from the same period of last year, while wholesale deliveries rose 13 percent. The sales outperformed those in the first half of September which saw a 3 percent drop from a year earlier, despite it traditionally being the start of China’s car shopping season.
“The improving year-on-year performance shows the market is getting strong,” said the association.
The turning point came after the State Council announced a reduction in the purchase tax by 50 percent on vehicles whose engine displacement was less than 1.6 liters from October 1, the biggest boost to market sentiment after industry-wide discounts failed to drive sales.
The tax cuts, equal to 5 percent of retail prices excluding the value-added tax, will benefit 65-70 percent of the passenger car market and help to unlock hundreds of billions yuan worth of sales, Cui Dongshu, secretary-general of the association, said earlier.
Reflecting the increasing confidence of carmakers and dealers, supplies accelerated to reach a five-year high, according to the association.
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