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January China Auto Sales Double-digit Growth

Feb 24, 2018

Chinese car sales resumed double-digit growth in January, due to data from one industry association showing Friday.

According to the Chinese Automobile Manufacturers Association (CAAM), about 2.8 million cars were sold in January, up 11.6% year-on-year.

At 3% in December and 2017, growth grew faster than 0.1%.

Over the same period last year, CAAM attributed the spike to a relatively low base, noting that sales fell 8.2% per cent from last month.

Car sales in China Rose 13.7% in 2016, but last year the market was under pressure from government policy adjustments, such as a sales tax hike.

In October 2015, the government cut sales taxes on cars, with engines of 1.6 litres or less than 10% to 5% to boost car sales. The tax was raised to 7.5% in 2017, then returned to 10% in 2018.

According to CAAM, sales of new energy vehicles surged 430% per cent in January, to about 38,000 vehicles.

The strong growth was as China intensified its efforts to encourage the use of new energy vehicles to ease environmental pressures by offering duty-free and car-buying discounts and ordering government agencies to buy more new energy vehicles.

According to CAAM, China remained the world's largest car market in 2017, with about 28.88 million cars sold.

In January, about 2.7 million cars were produced, up 13.6% year-on-year, but down 11.6% per month.

According to CAAM, about 79,000 vehicles were exported, up 36.3% from a year earlier.

China will be the leading carmaker in 10 years, making breakthroughs in key technologies and significantly increasing the share of Chinese brands in the International auto market.

According to a plan released last year, the government expects the output and sales of new energy vehicles to reach 2 million per year in 2020, with total auto production reaching around 30 million by 2020 and 35 million.

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