SHANGHAI/BEIJING :China's auto sales rose at their slowest pace in five months in October, from a weak base a year ago, as zero-COVID policies kept consumers away from showrooms and weighed on sentiment, while the effect of incentives for buyers also waned.
Total auto sales rose 4.6 per cent from the same period last year, CAAM data showed, up slightly from 4.4 per cent in the first nine months of the year. In July, CAAM lowered its auto growth projection for 2022 to 3 per cent from 5.4 per cent previously.Automakers in China delivered a record number of cars to dealers in the first nine months of the year even as retail demand slowed, setting up the market for a slowdown in 2023, analysts at China Merchants Bank International said last month.
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