- A reduction by Beijing in new car taxes helped lift deliveries by 13% to 1.94M units in October, according to data from the China Association of Automobile Manufacturers. The strong month follows a mild 3.3% gain in September and three months of negative sales growth over the summer.
- Domestic automakers once again increased sales at a faster clip than global sellers, although General Motors (NYSE:GM), Toyota (NYSE:TM), Nissan (OTCPK:NSANY), and Ford (NYSE:F) all reported strong numbers.
- SUV sales were up 61% Y/Y in a positive sign for profitability.
- The tax cut, which went into effect on October 1, is forecast to help drive sales growth over the next few months.
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