China's sales of passenger cars up 3% in Jan-Oct

Total retail sales of passenger vehicles throughout China increased by 3% on year to reach 17.26 million units over January-October, the preliminary statistics from the China Passenger Car Association (CPCA) showed on Tuesday.
For October alone, China sold 2.03 million passenger cars, with the volume staying unchanged on month though higher by 10% on year, the CPCA data found.

Within the total, the country's retail sales of new-energy vehicles (NEVs) gained 3% on month or swelled by 39% on year to 765,000 units last month. And for the past ten months, the total volume of NEV retail sales hiked by 34% on year to 5.95 million units, according to CPCA.

"October is also a traditional peak month (for automobile sales), but the consumption momentum in the second half of the month was not as strong as that in the same period of September, and the trading mood turned lukewarm at the end of last month," CPCA noted.

The fourth quarter is a critical period for carmakers to achieve annual sales targets, and promotional policies will continue, it predicted.

Note: This article has been written in accordance with an article exchange agreement between Mysteel Global and SteelMint.