China car sales rebound accelerated in August as coronavirus pressures eased
- Sales of sedans, SUVs, minivans and multipurpose vehicles increased 8.8 per cent last month from a year earlier to 1.73 million units, the China Passenger Car Association
- Toyota reported a 27 per cent increase in China sales for August, while sales of electric cars increased 45 per cent to 82,500 units last month
China’s car sales increased for a second straight month in August, raising optimism that a two-year slump in the world’s biggest market is nearing an end.
Retail sales of sedans, SUVs, minivans and multipurpose vehicles increased 8.8 per cent last month from a year earlier to 1.73 million units, the China Passenger Car Association said on Tuesday. That followed a 7.9 per cent gain in July.
Japanese and German brands are set to benefit from some customers trading up as the economy gradually improves, according to Bloomberg Intelligence. Toyota reported a 27 per cent increase in China sales for August, while sales by Volkswagen rose 4.7 per cent in July. SAIC, the biggest Chinese carmaker, posted a 3.6 per cent gain for last month.
01:20
Tesla starts delivery of made-in-China cars
Global carmakers have spent billions of US dollars expanding in China in recent decades and manufacturers including Volkswagen, Daimler, BMW and Toyota remain focused on tapping the market’s long-term growth potential. The government also has added stimulus measures such as tax rebates to help revitalise the industry.