China first-quarter sales jumped 76 percent to 3.52 million units. The year is now expected to close at an incredible 17.2 million cars sold. That is roughly 30% more than the US car market and to think that it was only last year that China overtook the US as the largest Auto market in the world.
US company General Motors reported a 68 percent year-on-year sales increase in March. Its sales in China have surpassed those in its home country for the third consecutive month this year.
Japanese automaker Toyota, which was troubled recently by safety issues, experienced a 33 percent year-on-year growth in March, delivering 61,200 vehicles in China.
China’s biggest automaker SAIC said that the booming domestic auto sales boosted its first-quarter net profit which more than quadrupled to 627 million yuan from a year ago, while the Chinese government’s support for smaller cars helped Warren Buffett-backed BYD Co become China’s fourth biggest carmaker last month.
Luxury car brand Mercedes-Benz also reported a 112 percent increase in first quarter sales from last year, while its rival BMW doubled its sales and Audi grew 77 percent over the same period.