CHINA TOPIX

05/01/2024 03:20:45 pm

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Global Automakers Report Accelerated China Sales in September

China auto market showed a rebound as major global automakers reported higher sales for the month of September

(Photo : ChipSomodevilla/GettyImages) Nissan and Honda reported their strongest monthly sales growth in the month of September.

China auto market showed a rebound as major global automakers reported higher sales for the month of September.

China is the world's largest auto market and has grown steadily since last year's announcement of sales tax cut on small engine vehicles.

Nissan and Honda reported their strongest monthly sales growth in the month of September.

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Honda's sales volume, on the other hand, has quadrupled for its Elysion multi-purpose vehicle and Civic sedan model. The automaker also reported double-digit growth rate for Vezel and XR-V sports utility vehicles. The company's spokesperson further disclosed that the new models they have launched received wider approval from the market.

Meanwhile, Ford reported its strongest growth rate since January, as it shared encouraging increase in is SUV sales since Chinese customers have chosen to upgrade their cars, while Japanese carmaker Toyota has had its highest sales growth rate since March.

The Chinese government announced the sales tax cut for cars with engines of 1.6 liters or smaller in October last year - a move that has pushed the car sales in the country further.

It is expected that the momentum will continue until the sales tax relief expires at the end of the year. It is likely that more consumers will buy cars in the fourth quarter to avail of the tax cut.

The China Association of Automobile Manufacturers (CAAM) is scheduled to release its report on Wednesday.  

In its report last month, the association revealed an 11.4 percent sales growth from January until August.

The market expects to hit an annual growth rate of six percent in car sales in China this year.

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