China’s passenger-car sales rose 76 percent in October as economic growth and government stimulus measures spurred demand in the world’s largest car market so far this year.
October sales of cars, SUVs and multipurpose vehicles climbed to 946,400 units and sales in the first 10 months rose 45.2 percent from a year earlier to 8.19 million according to the Chinese Association of Automobile Manufacturers.
The Chinese government cut vehicle taxes and introduced subsidies in rural areas this year after vehicle demand plunged amid the economic slowdown. Car makers including Toyota, the world’s largest, have raised global sales forecasts for this year partly because of growing demand in the world’s most populous nation.
Industry wide vehicle sales rose 72 percent in October from a year earlier to 1.23 million, bringing the total for the first 10 months to 10.9 million, an increase of 78 percent.