November 10, 2017 / 6:27 AM / a year ago

China October vehicle sales up 2 pct y/y - industry association

BEIJING, Nov 10 (Reuters) - China’s vehicles sales rose in October for the fifth consecutive month, an industry body said on Friday, underscoring continued growth momentum in the world’s largest auto market after a slower start to the year.

Overall sales totalled 2.70 million vehicles last month, up 2 percent from a year ago, data from the China Association of Automobile Manufacturers (CAAM) showed. That took year-to-date sales to 22.9 million vehicles, up 4.1 percent from the same period a year earlier.

In January, CAAM predicted sales would rise 5 percent this year, slowing from 13.7 percent in 2016, citing the scaling back of a tax incentive for small-engine vehicles as well as economic pressure.

Recent sales have been relatively strong - growing 5.7 percent in September, 5.3 percent in August, 6.2 percent in July and 4.5 in June - underpinned by continued strong sales of sport-utility vehicles (SUVs), robust overall economic growth and increased incentives for buyers, market watchers said.

CAAM data showed sales of new energy vehicles (NEV) in October rose 106.7 percent to 91,000 amid a government push to support the sector and shift away from traditional petrol engine cars in the long term.

NEV sales through October totalled 490,000 vehicles, up 45.4 percent from a year earlier. (Reporting By Norihiko Shirouzu; Editing by Gopakumar Warrier)

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