While most consumers are steering clear of big-ticket purchases such as cars, that’s not the case for consumers in the world’s third largest economy – China. China’s passenger vehicle sales jumped 47.7% to 872.K in June YOY, as government stimulus measures including tax cuts, subsidies and other incentives helped boost consumption in the industry.
Overall vehicle sales gained 36% from a year ago to 1.14M. For the first half of 2009, total auto sales in China rose 17.7% to 6.1M YOY, edging out the U.S. where auto sales plummeted 35% to 4.8M in the same period.
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