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China Auto Sales Held Steady in October After Long Decline

China's auto sales growth held steady in October after a long decline, while local brands regained market share from global rivals.

China's auto sales growth held steady in October after a long decline, while local brands regained market share from global rivals. According to the China Association of Automobile Manufacturers, sales of passenger vehicles rose 6.4% to 1.7 million vehicles, in line with September's growth. While total sales, including trucks and buses, rose 2.8% to just under 2 million vehicles, up from September's 2.5% growth. Sales growth in the world's biggest auto market has steadily declined as China's economy cools. That has intensified competition between global brands that are looking to China to drive sales and local rivals. Market share for Chinese domestic brands rose just over 1% to 39.5%. That temporarily reversed steady erosion in share in the face of intense foreign competition.

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