Shares in some of the biggest US and European carmakers zoomed ahead on Monday after a report said China — the world’s biggest and most lucrative car market — is eyeing a proposal to cut taxes on vehicle purchases by half.
Ford Motor and General Motors were among the early movers, jumping 5 per cent and 3.8 per cent on the news. Across the Atlantic, Volkswagen, BMW and Daimler saw their shares pushed up 5 per cent, 3 per cent and 3 per cent respectively.
The moves come after Bloomberg said China’s top economic planning body is proposing to cut to the purchase tax on cars with engines of 1.6 litre capacity or less from 10 per cent to 5 per cent in a bid to revive faltering sales.
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