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China's auto output and sales surges

08-24-2010 11:36 BJT

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The Ministry of Industry and Information Technology says the value of gross output for China's auto sector surged nearly 50 percent on an annual basis.

The gross output of auto sector surpassed two trillion yuan in the first half of this year. From January to July, China's auto output and sales exceeded 10 million units. Auto import in the first seven months surpassed 388 thousand units, up by more than 160 percent.

Su Hui, Analyst of Auto Sector said "The rapid growth of import cars suggests the market structure has made tremendous changes. It's not the market but consumers who made the changes. Most import cars are SUVs and luxury cars with engine capacity over 2.0 litres."

The report also shows in July, the market share of small cars with engine capacity under 1.6 litres was down by 11 percent year on year. And the market share of domestic car makers continued to shrink, from nearly 40 percent in April to 26 percent in July.

Su also says another reason for the decrease in small emission cars is the government's halting of a favorable tax policy towards low emission vehicles in January. A new policy extending the subsidy program began in July, so the effects are yet to be seen.

Editor:Xiong Qu |Source: CNTV.CN

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