Official figures released by the China Association of Automobile Manufacturers on Tuesday have revealed that passenger car sales across the country, on the back of various tax breaks and subsidies being currently offered by the Government, recorded a whopping
98.23% rise in November as compared to last year.
A total of 10.4 million units were sold for the month across China, which is designated as the largest automobiles market in the world. this is a remarkable rise compared to the 522,800 units sold in November 2008 and 946,400 sold for the month of October.
"Usually November sales are weaker compared with the golden months of September and October, but it turns out to be just another good month", said Zhang Xin, an analyst with Guotai Junan Securities.
Earlier this year, China's auto market had surpassed America's market to become the largest in the world, and while the US auto market has managed to stay unmoved for over a year now, the Chinese sector is recording whopping rises.
For the first 11 months of the current year, as many as 9.23 million cars were sold in China, a 49.70% rise from the cars sold for 2008's first 11 months. Individually, GM more than doubled its China sales and became the highest selling brand for the year by selling 177,339 vehicles in November.