China’s massive demand for SUVs assisted increase in automobile sales by 17.2 percent in November over a year ago, a market group stated last week, as car manufacturers are ready for the end of a crucial tax break and a prospective downturn in demand.
Motorists worldwide’s most significant vehicle market by variety of cars sold bought 2.6 million cars, minivans and SUVs, as per the China Association of Automobile Manufacturers. Overall vehicle sales, consisting of trucks and buses, increased 16.5 percent to 2.9 million.
The federal government helped fortify this year’s demand by cutting the sales tax however that is due to end December 31. Market experts anticipate sales growth to cool to mid-single digits unless that break is extended.
Sales of SUVs leapt 41.5 percent in November over a year previously to simply more than 1 million automobiles.
For the very first 11 months of the year, passenger car sales increased 15.6 percent over the exact same duration in 2015 to 21.7 million.
The appeal of lower-priced designs, a sector where Chinese brands dominate, has assisted domestic car manufacturers claw back market share from larger worldwide competitors.
Sales by Chinese brand auto sales increased 21.7 percent in November over a year ago to 1.1 million automobiles as per CAAM.
Sales of domestic brand SUVs skyrocketed 53.1 percent to 605,000. Chinese rivals broadened their share of the SUV market by 4.5 portion indicate 59.4 percent.
— General Motors stated sales of GM brand vehicles by the automaker and its Chinese partners increased 7 percent to 371,740. The automaker stated its Cadillac, Buick and Baojun brand names set month-to-month records. Year-to-date sales increased 8.5 percent to 3.4 million.
— Ford Motor stated its auto sales rise 17 percent to 124,113. Sales for the very first 11 months of the year increased 10.7 percent to 1.1 million.
— Nissan Motor sales increased 10.7 percent to 135,800. Year-to-date sales increased 9.3 percent to 1.2 million.
— Toyota Motor sales increased 10.6 percent to 111,100. Sales for the very first 11 months were up 11 percent at 1.1 million.
— BMW provided no November figure however stated year-to-date sales of its BMW and MINI brand names in China increased 11.2 percent to 472,705.
