Vehicle sales up 25% in October

China’s vehicle sales increased 25.5% in October compared to the same month last year.
According to the China Association of Automobile Manufacturers, 1.2 million passenger cars and 340,000 commercial vehicles were sold last month.
Nearly 70% of the passenger vehicles purchased in October had engines with a displacement of 1.6 liters or smaller.
According to the association, total vehicle sales in the first 10 months jumped 34.8% to 14.7 million, surpassing the 13.6 million domestic deliveries last year.
Analysts are generally convinced that China’s auto market will continue to grow rapidly in the next five to 10 years due to accelerating urbanization and increasing individual wealth, the English People’s Daily reported.
Analysts also warn that competition is expected to become fiercer, especially for homegrown brands.