Chinese Car Market Back with a Bang, Set to Dethrone US as World's Largest
China's new car sales come roaring back. After a strong first quarter, China's passenger car sales, including minivans, rocketed up a whopping 44.5 percent in April from a year earlier. Shen me? (Excuse me?)
The boom was helped by government policy measures to bolster demand in both urban and rural areas, Gasgoo reports, citing data of the China Passenger Car Association (CPCA).
Passenger vehicle sales, including minivans, came to 800,541 units in April. That's another 3.7 percent increase over the already strong March sales of 771,898 vehicles.
Total passenger car sales in China from January through April were 2,972,308 vehicles, up 24.8 percent from a year earlier.
CPCA says the reason for China's car sales boom are the government’s industry stimulus policies, which cover measures to boost vehicle purchases through tax breaks and subsidies.
Whatever the true reasons may be, China is squarely back in double digit growth territory and should definitely dethrone the US as the world's largest car market in 2009.
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