China has officially overtaken the U.S. as the world's largest automobiles market for the first time. For the first six months of this year it reported sales of 6.1 million units which means an increase of 17.7% YOY.
In June alone, the sales in Chinese auto market rose by 36.5% over the same period in previous year to 1.14 million units. The China Association of Automobile Manufacturers (CAAM) provided these stats and also said that passenger car sales in June hit a new record of 872,900 units.
According to CAAM, China produced 15.2% more automobiles in the first six months of this year as compared to 2008. With sales of 6.1 million, it has overtaken the U.S. where sales plunged to 4.8 million during the first half of the year.
“The good performance by the automobile industry in the first half of this year is mainly because of the efficient measures China had put in place to counter the financial crisis, and the different stimulus policies targeting the automobile industry,” CAAM mentioned in its report.