Japan’s leading automakers are taking pleasure in strong development in China, the world’s top automobile market, bucking concerns about a downturn in the market after tax incentives were cut down this year.
Toyota Motor and Honda Motor stated on Tuesday vehicle sales in China increased near 15 percent in September, after strong sales in August. Nissan Motor posted similar development on Monday.
After a slow start to the year, China’s car market has moved into a greater gear since mid-year, publishing a 3rd successive month of increasing sales in August. Overall growth is anticipated to slow to 5 percent from a double-digit increase in last year.
Experts stated global automakers were taking advantage most from the uptick, even as some Chinese competitors saw sales growth slow and a diplomatic spat in between Beijing and Seoul struck South Korea’s Hyundai Motor and affiliate Kia Motors.
“After a good run in recent months, regional Chinese brands are growing much slower now,” stated Yale Zhang, head of Shanghai-based consulting company Automotive Foresight.
“That’s why some good foreign (automakers) are now seeing their sales boost by double-digits.”
Toyota’s sales in China increased 14.1 percent in September from a year previously to 118,900 vehicles, after a 13.2 percent boost in August. It sold 960,400 vehicles in the first nine months of the year, boost of 7.9 percent against last year.
Honda’s sales in the market increased 15.5 percent for the month, after a 20.6 percent increase in August. Its Jan-Sept sales amounted to 1.03 million vehicles, a 17.7 percent boost from the same duration a year earlier.
Honda, the smaller of the two automakers, has been overtaking Toyota in China so far this year, because of hot-selling models that consist the revamped Civic and its subcompact crossover SUVs.
Toyota, Japan’s top automaker by volume, is still on it’s way to sell over 1.21 million vehicles this year in China up from the 1.2 million vehicles it sold in last year.
