China October car sales up almost 76%

October passenger car sales jumped 75.8% year-on-year extending the strong growth seen in sales figures over recent months as Beijing’s incentive schemes continued to attract more customers, Reuters reported. According to the China Association of Automobile Manufacturers, 946,400 cars were sold last month, compared to the 538,500 units sold the same time last year, but slightly lower than the 1.02 million cars sold in September. Total October vehicle sales surged 72.48% to 1.23 million units from last year, having advanced just under 80% in September, CAAM said. A recent report by the Ministry of Industry and Information Technology point to a continuation of favorable policies to support car sales, including lower taxes for cars with an engine displacement of less than 1.6 liters.