2023-01-19T03:38:00+02:00 China 2024-09-15T05:59:16+03:00

Ukrainian news

China's passenger car sales rise in December 2022

China's passenger car sales rise in December 2022

China's passenger vehicle market expanded in December 2022 with an increase in retail sales, industrial data showed. This was reported by The Xinhua News Agency.

Nearly 2.17 mln passenger cars were sold via retail channels in December 2022, up 3% year on year, according to the China Passenger Car Association.

From January to December, 20.54 mln passenger cars were sold, up 1.9% year on year.

A car-purchase tax cut policy has massively contributed to vehicle sales since its launch in June, said the association.

The policy slashed the purchase tax in half for passenger cars under ¥300,000 (about $43,103) with engine displacement below 2 liters purchased between June 1 and Dec. 31, 2022.

The tax, usually 10% of a vehicle's sticker price, has now been cut to 5%.