China’s coronavirus recovery continues as car sales rise for seventh straight month in October
- Vehicle sales in China rose 12.5 per cent in October from the same month a year earlier
- Sales hit 2.57 million vehicles last month, data from the China Association of Automobile Manufacturers (CAAM) showed
Vehicle sales in China rose 12.5 per cent in October from the same month a year earlier, the seventh straight monthly rise as the world’s biggest vehicle market leads the global industry in recovering from lows hit during the coronavirus pandemic.
Sales reached 2.57 million vehicles last month, data from the China Association of Automobile Manufacturers (CAAM) showed.
Sales of new energy vehicles (NEVs) surged 105 per cent to 160,000, their fourth consecutive month of gain. NEVs include battery-powered electric, plug-in petrol-electric hybrid and hydrogen fuel-cell vehicles.
This time of year, known as “Golden September, Silver October”, is typically a high point in sales for the industry, a time when consumers make purchases after staying away from showrooms during the stifling summer months.
China is expected to be the only Group of 20 country to record positive growth this year, with the International Monetary Fund projecting growth of 1.9 per cent this year, following by a further acceleration to 8.2 per cent in 2021.
