auto markets


China Outsells Major World Auto Markets in 2009 1Q

April 29, 2009 / by / 0 Comment

Nearly five years back, most of auto industry experts were predicting that the auto industry in China would out sell many major auto markets like in Europe, US and Japan by 2015. But due to amazing economic boom in the country and worldwide economic gloom, the country has outsold many of these big auto markets even before 2015. The worldwide auto industry has been suffering a lot during the past few months, but now some signs of recovery are being noticed and China is the first country that showed these signs of improvements. The thing that played quite a pivotal role in this connection was government support to the auto industry, as it encouraged new auto sales through tax cuts and rebates. In China, retail tax on small cars was halved during this year and more than 5m yuan were funded up in the form of vehicle subsides to the country areas. Chinese auto industry had to undergo the slowest growth in 10 years during 2007, but still it managed 9.38 million car sales that was a 6.7% boost if compared to the results got in 2007. Contrarily, auto sakes dropped nearly half in the same period of time. The […]