Auto sales growth accelerates in Sept

Auto sales growth accelerates in Sept

Auto sales growth accelerates in Sept

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An industry association said Wednesday that China’s auto sales growth rate in the first nine months was much faster than expected, but experts noted that sales were supported by stimulus from a tax cut that will expire by the end of 2016.A total of 19.36 million automobiles were sold in Chinese mainland market in the first nine months of 2016, up 13.17 percent year-on-year, the China Association of Automobile Manufacturers (CAAM) told a press briefing in Beijing.September alone saw sales of 2.56 million, up 23.5 percent month-on-month, according to the press release the CAAM sent to the Global Times on Wednesday.”The fast growth in September was mainly due to weak growth in the same period last year and tax cuts on small-engine vehicles,” Chen Shihua, assistant secretary-general of the CAAM, told the briefing.The State Council, China’s cabinet, halved the vehicle-purchase tax to 5 percent for 1.6-liter or smaller vehicles to boost the development of new energy vehicles and small-engine automobiles. The tax cut came into effect on October 1, 2015 and is set to expire on December 31, 2016. Strong demand also boosted sales, Chen told the Global Times on Wednesday. “In China, the number of motor vehicles per 1,000 inhabitants is 105.83, far below the world average of around 200,” he said.CAAM Deputy Secretary-General Shi Jianhua noted that if the tax cut policy ends as scheduled, auto sales growth in China will likely to slide to 2 percent in 2017. “Due to the uncertain outlook of the tax cut, consumers are very likely to buy vehicles in the next three months,” Shi noted.However, Jia Xinguang, an expert at the China Automobile Dealers Association, said that even if the tax cut remains in effect in 2017, it will not likely boost the growth of auto sales too much. He said the effectiveness of the policy will diminish over time as those who wish to take advantage of it will do so.However, automakers should take other measures like zero interest rate financing to promote sales rather than only rely on government policies.In terms of sales volume in the first nine months, the top 10 included SAIC Motor Corp, Dongfeng Motor Corp and China FAW Group Corp, according to the CAAM. The 10 automakers sold 17.14 million vehicles, accounting for 88.53 percent of China’s auto sales over the period.

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