Established auto markets like North America and Europe may be just starting to show signs of recovery following one of the worst global economic meltdowns, but China’s auto sales continue to grow at pre-crash rates.
China overtook the United States as the world’s largest auto market in January and isn’t showing any signs of letting up soon. During the month of October, China’s auto sales grew 79.6 percent to 923,154 units, according to state media reports.
However, that near 80 percent sales increase is actually off the pace set in September. China’s September auto sales swelled to 1.02 million vehicles, resulting in a month-on-month sales decrease of 9.8 percent for October.
Including October’s results, China’s passenger vehicle sales are up 52.4 percent on the year, netting 8.08 million units, according to Reuters. Overall vehicle sales – including trucks and buses – were up 34 percent to 9.66 million units through the first nine months of the year, setting China up to break through the 12 million unit barrier a full 25 months ahead of government expectations. Auto sales are expected to grow by at least 25 percent in 2010.
