It is staggering the pace at which new autos are hitting the roads of Beijing, with the rate now touching 1,200 a day. After passing the U.S. in terms of new car sales earlier this year, the citizens of China seem eager to make up for lost time in getting to developed world levels of auto penetration. (See the attached figure from a recent Scotiabank report for more on the developed/emerging auto difference.)
Beijing reported the registration of 261,000 new cars in the first seven months, or about 1,240 daily, up 9 percent from the same period last year.
Private cars took about 97 percent of the new cars registered in this period, according to the Beijing Traffic Management Bureau.
New cars with engine displacement of 1.6 liters or below hit nearly 200,000 in this period. It could be attributed to the government’s policies to encourage the public to buy low-emission cars for environmental protection.
[Update] Relatedly, the rural auto subsidy in China has been extended, and it has having a prodigious effect:
China’s vehicle sales posted a 63-percent year-on-year growth in July, which is usually the worst period of the year for auto sales, according to figures released by China Association of Automobile Manufacturers.
Originally published at Infectious Greed and reproduced here with the author’s permission.