China Passenger-Vehicle Sales Post 11.7% Gain in October
Local brands’ market share increased from 26.4% in August to 33.9% October. An industry group credits the growth in part to more-competitive pricing.
The China Passenger Car Assn. says the country’s overall economic recovery helped October new-passenger-vehicle sales climb 11.7% year-on-year to 1.25 million units.
The government’s Xinhua news agency says 10-month deliveries rose 5.9% to 11.7 million units. That total includes SUVs, which saw sales jump 24.2% to 1.46 million units.
Production grew 1.1% in October to 1.26 million units, leaving year-to-date output up 7.3% to 12.5 million units.
Local brands’ market share increased from 26.4% in August to 33.9% October. The association credits more-competitive pricing and aggressive research-and-development spending.
“China's homegrown auto makers may have passed through the most difficult time,” the association says in a statement.
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