China’s auto sales post double-digit growth in latest sign of economic recovery

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China’s auto sales post double-digit growth in latest sign of economic recovery

China, the world’s largest auto market, had witnessed a double-digit growth in the sales of SUVs, sedans and minivans last month as the world’s second-largest economy had been recovering from a pandemic-induced slump experienced earlier this year, though the yearly sales figure had still been hovering below pre-pandemic levels, the China Association of Automobile Manufacturer said in a report earlier on Friday.

Besides, according to the industry group’s report, sales in the world’s No. 1 auto market grew by 11.6 per cent to 2.3 million units last month on a year-on-year basis, while total sales of vehicles including trucks and buses surged 12.6 per cent to 2.8 million units in November, compared to the same time a year earlier.

Nonetheless, passenger vehicle sales in China fared well over the first nine months of the year given the scale of the pandemic’s fiscal consequences, but remained 7.6 per cent per cent below to 17.8 million on an annualized basis, however, sales of commercial vehicles spiked over 20 per cent to 4.7 million, signalling a strident push en route towards an earlier-than-expected economic recovery.

China’s auto sales report double-digit growth

Aside from that, latest upbeat China data on auto sales last month came forth just days after the country’s National Office of Statistics had revealed that the nation’s economic activities had accelerated by their steepest pace last month in more than a decade, beaconing hopes of a quicker rebound in economic activities for both EU and the United States once the pandemic-led restrictions are lifted.

Notably, China has been the first country to lift pandemic restrictions following an entire lockdown and forced business closure measures in February and March this year.

Concomitantly, the automobile industry group had also added that the sales of all-electric alongside hybrid vehicles had more than doubled in November, reporting a growth of 104.9 per cent on a year-on-year basis, while the sales figure of all-electric and hybrid vehicles returned to the pre-pandemic levels in November.