An industry group says China’s auto sales shrank in January as the government increased a sales tax following a cut earlier that helped to shore up demand.
The China Association of Automobile Manufacturers said Monday sales in the world’s biggest auto market shrank 1.1 percent in January compared with a year earlier to 2.2 million. Total vehicle sales, including trucks and buses, rose 0.2 percent to 2.5 million.
China’s auto sales rose 15 percent last year after Beijing cut the 10 percent sales tax on small-engine vehicles by half. The government restored part of the reduction in January, raising it from 5 percent to 7.5 percent.
via Mainichi
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.