With sales showing no signs of slowing, research firm J.D. Power and Associates expects the Chinese auto market to crest the 18 million unit mark by the end of the year.
According to J.D. Power’s latest sales forecast, the Chinese auto market will account for 18 million new car sales this year – representing a 30 percent increase from the year prior. That total includes medium and heavy-duty commercial trucks.
China’s October sales ballooned to 1.5 million units, representing an annualized rate of 19.2 million vehicles. October marked the first month China’s annualized sales rate have topped 19 million units.
Much of China’s recent growth has been attributed to government incentives. The government previously offered a tax break of 10 percent on vehicles with engines 1.6L or smaller, but reduced that rate to just 5 percent by the end of the year. However, the government increased that rate to 7.5 percent at the beginning of the year, resulting in stronger sales.
Source : Leftlane
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