China October Auto Sales Up 11% After Tax Cut Boosts Demand
- Purchase tax cut helped sales after October implementation
- GM, Hyundai reported gains in October sales after tax cut
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Passenger-vehicle sales in China increased at the fastest pace in seven months after the government cut a tax on car purchases to boost sagging demand in the world’s largest auto market.
Retail deliveries of cars, SUVs and multipurpose vehicles rose 11.3 percent to 1.85 million units last month, the biggest monthly gain since March, according to the China Passenger Car Association. Retail sales through October gained 6.4 percent to 16.2 million units.