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Auto sales in China registered the highest monthly growth since January 2013, during the month of September, as consumers seeking to beat an expiring tax cut helped clear inventory on dealer lots.
Passenger-vehicle sales surged 29 percent in China last month, led by small-car makers Geely Automobile Holdings Ltd. and Mazda Motor Corp. Deliveries of sedans, minivans, sport utility and multipurpose vehicles to dealerships rose to 2.27 million units in September, data released by the state-backed China Association of Automobile Manufacturers showed Wednesday.
A gauge of vehicle inventory fell for a third straight month in September to the lowest level in two years, according to the China Automobile Dealer Association. Dealers of Japanese brands in August saw profits increase by 27 percent from a month earlier to 1,851 yuan per vehicle after scaling back discounts due to strong demand, according to WAYS Consulting, Bloomber reported.
Further, Mazda said its sales in China jumped 49 percent in September from a year earlier, led by models including the Axela compact, which qualifies for the tax cut. Geely raised its full-year sales target after September deliveries surged 82 percent from a year earlier.
General Motors Co.’s sales gained 16 percent to 343,773 units, with deliveries of Cadillac sedans increasing 63 percent. Great Wall Motor Co.’s sales rose 49 percent to 97,685 units, with SUV deliveries reaching 87,627 units.
"The expiration of the current purchase tax cut is encouraging consumers to catch the last bus and bring forward their car purchases. Dealers are preparing stocks for the surging demand at the year-end," Bloomberg reported, citing Huang Xiaowei, Analyst, WAYS Consulting Co. in Shenzhen.
