China Sold 24.38 million Cars in 2016, Up 15% From a Year Earlier

Date : 01/12/2017 @ 2:07AM
Source : Dow Jones News
Stock : General Motors Company (GM)
Quote : 35.49  0.19 (0.54%) @ 7:46PM

China Sold 24.38 million Cars in 2016, Up 15% From a Year Earlier

GM (NYSE:GM)
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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.

 

Write to Rose Yu at rose.yu@wsj.com and Lilian Lin at lilian.lin@wsj.com.

 

(END) Dow Jones Newswires

January 12, 2017 01:52 ET (06:52 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.

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