China's automobile production and sales have achieved double growth in the first 10 months of the year, industrial data showed Monday.
From January to October this year, the automobile production and sales nationwide reached 24.466 million and 24.624 million respectively, up 1.9 percent and 2.7 percent year on year respectively, according to the data released by the China Association of Automobile Manufacturers.
In October alone, automobile production and sales reached 2.996 million and 3.053 million respectively, up 7.2 percent and 8.7 percent month on month, and up 3.6 percent and 7 percent year on year respectively.
In terms of new energy vehicle (NEV) sales, the production and sales of NEVs in October reached 1.463 million and 1.43 million respectively, up 48 percent and 49.6 percent year on year respectively.
The sales of NEVs accounted for 46.8 percent of the total new car sales nationwide in October.
From January to October, the production and sales of NEVs reached 9.779 million and 9.75 million respectively, up 33 percent and 33.9 percent year on year respectively. The sales of NEVs accounted for 39.6 percent of the total sales of new vehicles across the country in the 10-month period.
China's auto production, sales realize double growth in first 10 months
Major U.S. stock index futures plummeted in after-hours trading on Wednesday following President Donald Trump's announcement of the so-called "reciprocal tariffs" on trade partners.
As of 18:35 Eastern Time, the Dow Jones Industrial Average futures had dropped 2.43 percent, the S and P 500 futures were down 3.6 percent, and the Nasdaq Composite futures had slumped 4.35 percent.
Meanwhile, crude oil futures traded on the New York Mercantile Exchange fell more than 2.5 percent in after-hours trading.
Amid widespread opposition, Trump announced in the White House on Wednesday that he is imposing the so-called "reciprocal tariffs" on trading partners.
Displaying a chart illustrating "reciprocal tariffs," Trump announced that the United States has established a "minimum baseline tariff" of 10 percent on practically all imported goods, plus even higher rates on certain trading partners, including China, the European Union, Vietnam, Japan, India, South Korea and Thailand.
Despite Trump's claim that higher tariffs will help bring in revenue for the government and revitalize U.S. manufacturing, economists have warned that such measures will push up prices for U.S. consumers and businesses, disrupt global trade, and hurt global economy.
US stock index futures slump following reciprocal tariffs announcement
