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Sales of passenger cars in China in October increased by 0.4%

In the middle of autumn, the rate of increase in the sales of cars was slowed down by a decline in sales of some manufacturers in the key world market for motor vehicles.

According to the latest report, the growth did not exceed 0.4% year on year, reaching 2.35 million in monetary terms. Over the past year, sales growth was 2.1%, which is much less than the same period in 2016, when the sales surge reached 15.9%.

The total sales of motor vehicles in the reporting period amounted to 2.0% on an annualized basis, reaching 2.7 million. In the first ten months of this year, the increase was 4.1%. Experts say that the implementation for the whole of this year may not reach a 5% bar.

It is worth noting that from the beginning of next year the tax bar on the sale of cars will be raised to 10%, and this idea can force consumers to step up at the end of the year. Earlier this year, the tax rate already raised 2.5% to 7.5%, which contributed to a surge in sales at the end of last year, as citizens tried to have time to purchase a vehicle before the tax increase.