China In October 2010: Up 27.1 Percent
This will disappoint those who were hoping for a cooling-off of the Chinese auto market. Chinese automakers in China shipped 1.2m passenger cars to dealers in October, up 27.1 percent from a year earlier, the official China Association of Automobile Manufacturers (CAAM) told Reuters today. Overall vehicle sales, which also include buses and trucks, were 1.54 million units, up 25.5 percent from a year ago.
The Chinese market had cooled off a bit in summer. But as the table below shows, buyers are back. The Chinese government keeps them guessing as to what will happen with car taxes and other incentives in the new year. Many Chinese decide to lock in the handouts this year instead of hoping for an uncertain future. Also, keep in mind that these growth numbers are relative to an absolutely insane 2009.
For the first ten months, auto sales rose 34.76 percent to 14.68m units and production was up 34.49 percent to 14.62m. If they keep that up, they will easily break the 17.4m all time sales record established in the U.S. back in – what? – 2000. What a difference 10 years make.
China‘s Monthly car sales growth since Jan 2010OctSeptAugJulyJuneMayAprMarFeb27.10%19.30%18.70%13.60%19.40%25.80%33.20%63.20%55.30%