by Staff Writers
Shanghai (AFP) Nov 10, 2016
Auto sales in China, the world's biggest car market and crucial to manufacturers worldwide, grew at a slower rate in October following a months-long surge, data from an industry group showed Thursday.
Sales reached 2.65 million units in October, up 18.7 percent year-on-year, the China Association of Automobile Manufacturers (CAAM) said in a statement.
The total surpassed the previous month's 2.56 million figure but growth fell back from September's 26.1 percent -- the fastest in three years -- and August's 24.2 percent.
"In the January to October period, both production and sales showed rather fast growth on-the-year," CAAM said.
Auto sales growth in China accelerated for the five months to September as the economy showed signs of stabilising and on the back of tax cuts for passenger cars with small engines.
China's producer price index rose 1.2 percent year-on-year last month, after ending over four years of falls in September.
Some foreign manufacturers saw moderate Chinese sales growth in October, with US auto giant General Motors selling 345,733 vehicles, up 5.7 percent year-on-year, and Ford's sales jumping 14 percent to 107,618 units.
Car Technology at SpaceMart.com
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