Car sales in China surged 55.7 percent year-to-year in August, driven by the new subsidy scheme in Beijing for energy-efficient vehicles, state media said Thursday. Sales in the automotive market in the world's largest, rose to 1.22 million units in August, the Shanghai Securities News reported, citing figures from the Center for Automotive Research and Technology of China.
The figure was 15.1 percent higher than in July and that growth may continue into September, the report said. U.S. car giant General Motors, Thursday, said its sales in China grew 19.2 percent in August from a year earlier to 181 625 units.
"Car sales in August exceeded market expectations, showed an improvement in industry fundamentals," Zheng Dong, an analyst otomatif in China International Capital Corp., said in a research note. He noted that the purchases were partly driven by the discounts offered by car dealers to boost turnover.
He said that the buyers could fall, they acted to wait and see and cause sales "exploded" in the sunny months are usually September and October. China announced a pilot program in June to subsidize environmentally friendly vehicles in five cities as part of an effort to reduce emissions, save energy and spur development of green technology.
Based on experimental projects, the government offers subsidies to 60,000 yuan (8850 dollars) for hybrid and electric cars and 3,000 yuan for fuel-efficient models. China's car sales for 2009 reached 13.64 million units since the state took over the main markets of the world cars from the United States.
Sales have slowed in recent months, partly due to seasonal factors, but in 2010 is still expected to see more than 15 million units shifted - an increase of approximately 20 percent on year to year. Strong data in August increased its share in China's automakers on Thursday.
SAIC Motor, the country's largest car maker by sales volume, closed 8.9 percent higher on the Shanghai stock market as listed in Hong Kong, Dong Feng rose 2.4 percent in the afternoon.
The figure was 15.1 percent higher than in July and that growth may continue into September, the report said. U.S. car giant General Motors, Thursday, said its sales in China grew 19.2 percent in August from a year earlier to 181 625 units.
"Car sales in August exceeded market expectations, showed an improvement in industry fundamentals," Zheng Dong, an analyst otomatif in China International Capital Corp., said in a research note. He noted that the purchases were partly driven by the discounts offered by car dealers to boost turnover.
He said that the buyers could fall, they acted to wait and see and cause sales "exploded" in the sunny months are usually September and October. China announced a pilot program in June to subsidize environmentally friendly vehicles in five cities as part of an effort to reduce emissions, save energy and spur development of green technology.
Based on experimental projects, the government offers subsidies to 60,000 yuan (8850 dollars) for hybrid and electric cars and 3,000 yuan for fuel-efficient models. China's car sales for 2009 reached 13.64 million units since the state took over the main markets of the world cars from the United States.
Sales have slowed in recent months, partly due to seasonal factors, but in 2010 is still expected to see more than 15 million units shifted - an increase of approximately 20 percent on year to year. Strong data in August increased its share in China's automakers on Thursday.
SAIC Motor, the country's largest car maker by sales volume, closed 8.9 percent higher on the Shanghai stock market as listed in Hong Kong, Dong Feng rose 2.4 percent in the afternoon.
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