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November car sales up 98% y-o-y at 1.04 million

Passenger car sales in China hit a record high in November, reaching almost double the figure from a year ago, the Wall Street Journal reported. Sales of passenger cars rose 98.2% to 1.04 million units, according to data from trade group the China Association of Automobile Manufacturers, compared to 522,800 vehicles sold in November 2008. CAAM data also revealed that car sales for the January-November period rose 49.7% from last year to 9.23 million units. The annual figure reflects a booming industry in China, spurred by government tax breaks on vehicles with engine displacement of under 1.6 liters, but the comparison with November 2008 also benefits from low base effects.

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