China’s auto sales advance in October; leads global auto recovery

China’s automobile sales recorded a 12.5% increase in the year ended October. The jump marked the automobile sector’s seventh consecutive month of gains as the world’s largest vehicle market tops the global industry in recovering from the coronavirus drag.

After Toyota and Honda monitored a surge in sales in China, both automobile manufacturers had increased their profit forecasts. In addition to this, the country’s economic rebound was seen faster, recording a 4.9% growth in the third quarter. The figure placed above the 3.2% reading seen in the second quarter.

The country’s vehicle sales reached 2.57 million last month, data from the China Association of Automobile Manufacturers (CAAM) showed. Dubbed as “Golden September, Silver October”, this season is expected to bring in more sales as it is considered a high point for the industry.