China's January car sales hit record high

China’s January passenger car sales increased by 49%, hitting a record high and surpassing analysts’ estimates, Bloomberg reported. Deliveries to car dealerships, including SUVs and multipurpose automobiles, surged to 1.73 million vehicles in January, the state-owned China Association of Automobile Manufacturers said in a Thursday email. The figure came in above a 1.5 million vehicle average estimate from analysts polled by Bloomberg. Aggregate vehicle sales increased to 2.03 million vehicles in January, a 46% increase, according to the association. Sales of SUVs almost doubled, with 240,700 units sold in January. Sedan deliveries rose 49% to 1.19 million units.