Financial News: China Passenger Car Sales Continue To Climb

China Passenger Car Sales Continue To Climb

11/08/2023 - 06:45:00 (RTTNews)

(RTTNews) - China's passenger car sales grew at a stronger pace in October and the trend is expected to continue, boosted by promotions ahead of the year-end and increased demand for new energy vehicles as well as due to better consumer confidence amid signs of economic recovery.

Passenger car sales in the world's top car market rose 10 percent year-on-year to 2.03 million units, reports said Wednesday, citing figures from the China Passenger Car Association. Exports surged 49 percent year-on-year in October. Sales of new energy vehicles including electric cars and plug-in hybrids grew 37.5 percent from a year ago. They claimed nearly 38 percent of total new car sales in October. The trade body forecast 20 percent growth in car sales in November.

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