China’s automobile sales jumped 20 percent year-on-year to 2.51 million vehicles in November, while the output rose 17.7 percent from a year earlier to 2.54 million, Xinhua cited from a statement by the China Association of Automobile Manufacturers (CAAM).
For the first 11 months of the year, 21.8 million vehicles were sold, up 3.3 percent year-on-year. Production was about the same level, up 1.8 percent from a year earlier.
Passenger car sales grew rapidly in November, while Chinese-branded passenger cars took a larger share of the market with sales soaring 26.9 percent year-on-year, the CAAM said.
The automobile market cooled in the early months of 2015 as a result of the economic slowdown, fierce competition and purchase limit policies in first-tier cities. But both sales and output rebounded in October due to reduced purchase taxes.
China’s vehicle-purchase tax was halved from 10 percent to 5 percent for low-emission passenger vehicles, effective from October 1, 2015 to December 31, 2016. (IANS)