UPDATE 1-China Oct car sales rise 75.8 pct on stimulus steps

Mon Nov 9, 2009 8:48am GMT
 
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* China October car sales up 75.8 pct on year

* Stimulus plans continue to drive sales

* Growth may remain strong in 2010 if incentives extended (Adds analyst quotes, detailed sales figures)

By Fang Yan and Jacqueline Wong

SHANGHAI, Nov 9 (Reuters) - China's passenger cars sales in October surged 75.8 percent from a year earlier, official data showed, extending the explosive growth in recent months as government incentive policies continued to lure customers.

A total of 946,400 passenger cars were sold in October, up sharply from 538,500 units sold a year earlier, but slightly lower that 1.02 million units sold in September, the China Association of Automobile Manufacturers said on Monday.

"Autumn is usually the best auto selling season. But it is not that obvious this year as sales have been so strong all along," said Qin Xuwen, an analyst with Orient Securities.

China's auto market has been a major bright spot amid a global industry downturn thanks to a raft of government incentives which had effectively bolstered consumer confidence.

Overall vehicle sales, from trucks to buses, jumped 72.48 percent in October to 1.23 million units from a year earlier, the association said, after gaining 77.99 percent in September.  Continued...

 

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