China's auto sales surge in October, 2.22 mn vehicles sold

Chinese automobile companies sold 2.22 million vehicles in October as sales surged year on year while production rebounded, according to new official data released today.
China's automobile sales grew 11. 8 per cent to 2.22 million vehicles in October, while output ended previous drops by edging up 7.1 per cent year on year to 2.19 million.
Some 19.28 million vehicles were sold in the first 10 months of 2015, 1.5 per cent more than in the same period last year, according to the latest official data.
Production was marginally higher on the same basis.
Sales growth in October mainly came from the growth in demand for passenger cars and new energy vehicles, state-run Xinhua quoted a China Association of Automobile Manufacturers (CAAM) said in a statement as saying.

Passenger car sales jumped 13.3 per cent year on year to 1.94 million in October, while sales of new energy cars grew five times year on year to 34,316, according to the CAAM.

Output of pure electric and plug-in hybrid passenger vehicles in October, 2015 was 850 per cent and 200 per cent higher, respectively, than in October, 2014, according to the Ministry of Industry and Information Technology yesterday.
Exports of automobiles fell 26.5 per cent year on year to 54,000 vehicles in October and dropped 17.5 per cent in the first ten months of this year.
China's automobile market cooled in the early months of 2015 as a result of the economic slowdown, fierce competition and purchase limit policies in first-tier cities.