Vehicle sales in China were up 4.7% year-on-year in March, according to the China Association of Automobile Manufacturers (CAAM), a sharp uptick in growth compared to the 1.7% rise posted in January and February.
According to The Wall Street Journal, the slow growth during the first two months of the year was likely caused by the distortions of the Chinese New Year holiday and a tax hike on small vehicles.
The CAAM forecasts that vehicles sales are on track to grow 3% over the course of 2018, equaling last year’s growth rate, but far below the enormous 15% rise in 2016.
One brand that performed particularly well during the first quarter was Geely, which saw sales rise 39% in March, which the company attributed to the strong performance of its new electric and other new-energy models.
“This year is going to be a year of exponential growth for Geely’s new-energy cars,” said Song Zhaohuan, Geely’s public-relationship director.
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