Auto shipments rise 13% due to car-purchase tax cuts
According to a Bloomberg, wholesale deliveries of passenger vehicles rose 13% to 1.94m autos in October due to a cut in China's car-purchase tax. Meanwhile, Chinese automakers outperformed the market and boosted their share of sales by 2.1% from the previous year. "The effect from the purchase sales tax cut has been positive and should last for a few months," said Yang Jing, Associate Director at Fitch Ratings.

Wholesale deliveries of passenger vehicles rose 13% to 1.94 million autos in October following a cut to China’s car-purchase tax, Bloomberg reported, citing figures from the state-backed China Association of Automobile Manufacturers. Chinese automakers – which have gained this year after introducing cheaper sport utility vehicles to compete with foreign brands’ sedans – outperformed the market, boosting their share of sales by 2.1 percentage points from a year earlier. “The effect from the purchase sales tax cut has been positive and should last for a few months,” said Yang Jing, a Shanghai-based associate director at Fitch Ratings.

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