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Investing.com -- In March, car sales in China saw a 14.4% increase compared to the same period last year, driven by government-subsidized trade-ins that boosted demand for electric vehicles (EVs) and plug-in hybrids.
This growth occurred despite a deepening deflationary trend in the world's largest auto market.
According to data released by the China Passenger Car Association (CPCA) on Wednesday, passenger vehicle sales reached 1.97 million units in March. The first quarter of the year saw a 6.1% increase in sales, with a total of 5.18 million units sold.
For the first time in four months, EVs and plug-in hybrids outsold gasoline cars, accounting for 50.4% of total car sales in March.
The shift towards EVs is being encouraged by a program similar to the U.S. "cash-for-clunkers" stimulus, which rewards consumers who trade in their old cars for electric ones with higher subsidies.
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