According to the China Association of Automobile Manufacturers (CAAM), domestic vehicle sales increased 3% y-o-y in 2017, to 28.88m units, a sales increase far lower than the 10% rise seen in 2016. The slower growth was due to higher taxes on smaller cars and subsidy adjustments on electric vehicles. Passenger car sales increased 1.4% (among those SUV sales rose by 13.3%, to 10.25m units), while sales of minibuses/multi-purpose vehicles dropped 20% and 17% respectively. Commercial vehicles recorded robust demand with sales increasing 14%, to 4.16m units. In 2018 it is expected that vehicle sales will increase as much as 5% y-o-y.
AIRPlus | 18 Sep 2018