1,218,722 cars, sport-utility vehicles, multi-purpose vehicles and minivans were sold last moth in China. The figure is 5.1 percent greater that the one registered in December 2009.
The impressive sales increase was mostly sustained by a boost in the minivan segment, which grew 84.2 percent year-on-year and 44.4 percent compared to the previous month. This was driven by government subsidies and tax cuts, all part of a national stimulus program.
According to Rao DA, China Passenger Car Association secretary-national, China’s February passenger car sales will increase by 50 percent, compared to the same month of 2009. He continued by telling the aforementioned source that China’s 2010 vehicle sales will jump 25 percent when compared to 2009’s figures, reaching a total 17 million units. In 2009, 10.3 million passenger cars were sold in China. Thus, the country surpassed the U.S., becoming the world’s biggest automotive market – a historic premiere.
According to China Daily, independent global rating agency Moody’s said that it has upgraded its forecast for the Chinese light vehicle market to 14.3 million units in 2010 and 15.7 million in 2011. Initially the 2010 figure was set for a level of 11.8 million units.
"We expect the market to remain on a growth path for the next two years with demand rising 10 percent each year,", said the Moody’s report.
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