China Nov car sales double

[rickaren]

China Nov car sales double, aided by policy steps

Posted on Tuesday, December 8th, 2009 at 2:58 PM EST.(Employee News)

China’s passenger cars sales in November jumped 98.23 percent from a year earlier, official data showed, paving the way for roughly 50 percent growth in 2009 thanks to the government’s stimulus measures to aid consumption, Reuters reported.

A total of 1.04 million passenger cars were sold in November in China, the world’s largest car market, compared with 522,800 units in November 2008 and 946,400 units sold in October, the China Association of Automobile Manufacturers said on Tuesday, the news service reported. “Usually November sales are weaker compared with the golden months of September and October, but it turns out to be just another good month,” Zhang Xin, an analyst with Guotai Junan Securities, told Reuters.

China’s auto market, which surpassed the United States as the world’s largest earlier this year, has been a major bright spot amid a global industry downturn aided by a raft of policy incentives which had effectively bolstered consumer confidence, the news service said. In the first 11 months, a total of 9.23 million passenger cars were sold in the country, up 49.70 percent from a year earlier, well exceeding a total of 6.76 million units sold in the whole of 2008, official data showed, the story said. (Reuters)