Light-vehicle sales edge up 1.7% in March
China's light-vehicle deliveries rose 1.7 percent year on year in March to 2.1 million units as the market continued to lose momentum after Beijing raised the sales tax on small vehicles.
Only crossovers and SUVs generated higher sales last month, according to the China Association of Automobile Manufacturers. Approximately 832,300 crossovers and SUVs were delivered, a gain of 20 percent from a year earlier.
By contrast, sedan volume dropped 4.9 percent to 990,200 vehicles, multipurpose deliveries declined 15 percent to 199,300 and microvan sales slumped 17 percent to 74,600.
For the first three months, China's light-vehicle sales increased 4.6 percent to nearly 5.95 million.
At the beginning of the year, Beijing raised the sales tax on vehicles with engine displacements up to 1.6 liters, to 7.5 percent from 5 percent last year.
In October 2015, China cut the purchase tax on small cars to 5 percent from 10 percent. After the tax cut, China's light-vehicle sales rose 15 percent last year.
The tax on small vehicles will be restored to 10 percent in 2018.
By contrast, sedan volume dropped 4.9 percent to 990,200 vehicles, multipurpose deliveries declined 15 percent to 199,300 and microvan sales slumped 17 percent to 74,600.
For the first three months, China's light-vehicle sales increased 4.6 percent to nearly 5.95 million.
At the beginning of the year, Beijing raised the sales tax on vehicles with engine displacements up to 1.6 liters, to 7.5 percent from 5 percent last year.
In October 2015, China cut the purchase tax on small cars to 5 percent from 10 percent. After the tax cut, China's light-vehicle sales rose 15 percent last year.
The tax on small vehicles will be restored to 10 percent in 2018.
