Historical Stock Chart
2 Years : From May 2016 to May 2018
SHANGHAI--China's car sales rose 15% in 2016, the fastest pace in three years in the world's largest car market, as a tax break on small-engine vehicles spurred demand.
A total of 24.38 million passenger vehicles were sold in 2016, the China Association of Automobile Manufacturers said Thursday. It was the strongest expansion since 2013 when sales grew 16%.
China's sales jump was mostly driven by a tax break in which buyers of cars with engines up to 1.6 liters benefited from a halving of the purchase tax to 5% from the normal 10%.
Sport-utility vehicles remained in the spotlight. More than 9 million SUVs were sold last year, up 45% from a year earlier.
Among major players, Volkswagen Group delivered 3.98 million vehicles to Chinese consumers, up 12% from a year earlier, taking the top spot among foreign players in China.
General Motors Co. logged a 7% year-over-year increase in China last year, selling 3.87 million vehicles, while Ford Motor Co.'s sales rose 14% to 1.27 million units.
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(END) Dow Jones Newswires
January 12, 2017 01:52 ET (06:52 GMT)
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