Vehicle sales to maintain momentum in China in Q4

(exploringtianjin.com)| Updated : 2022-11-01

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Vehicle sales in China are expected to continue their momentum in the fourth quarter, as customer enthusiasm is fueled by favorable policies from the central government and local authorities.

Local authorities in Tianjin, North China, issued an additional 20,000 license plates earlier this month for those who failed to win theirs in the city's license lottery system over the past five years.

Ding Wen, a telecom engineer in Tianjin, was one of the winners. He said he is comparing several hybrid models from Toyota and Great Wall Motors, but has not yet made up his mind about which to choose. "But of course I will be a car owner by the end of this year," he said.

China has been rolling out a slew of policies aimed at stimulating the automotive sector's growth.

The State Council has halved the purchase tax for the large majority of gasoline models since June 1. The policy will expire by the end of this year.

Market observers said potential car buyers are expected to purchase before the expiry of the policy, which can save them thousands of yuan at volume brands like Volkswagen and Toyota.

Deliveries over the first three quarters of this year reached 19.47 million units, up 4.4 percent year-on-year. The growth rate from January to September was 2.7 percentage points higher than in the January-August period.