SUVs propel China’s auto sales by 20.3%
Print Edition
CHINA’S auto sales soared 20.3 percent in October from a year earlier, lifted by surging demand for sport-utility vehicles, an industry group said yesterday.
Dealers sold 2.3 million cars, minivans and SUVs in the world’s biggest auto market, according to the China Association of Automobile Manufacturers. Total vehicle sales including trucks and buses climbed 18.6 percent to 2.6 million units.
Sales growth plunged last year, slamming global brands that look to China to drive revenue. They rebounded after Beijing suspended a sales tax, though growth is expected to drop back to single digit after the tax cut expires at the end of the year.
Strong demand in lower-priced market segments has helped Chinese automakers recover market share from bigger, richer global rivals.
October’s SUV sales rose 43.3 percent year on year to 896,000 units. Sales of Chinese-brand SUVs increased 60.4 percent to 557,000, expanding the Chinese share of that market by 6.6 percentage points to 62.2 percent.
Sales of sedans rose 10.1 percent to 1.2 million, while those of Chinese-branded sedans grew 8.3 percent to 243,000.
Total auto sales for the first 10 months rose 15.4 percent year on year to 19.1 million.
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