China Sold 24.38 million Cars in 2016, Up 15% From a Year Earlier
January 12 2017 - 2:07AM
Dow Jones News
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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