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UBS: Slower auto sales growth in China
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China's passenger vehicle sales growth is expected to slow down to 8.3 percent in 2015 from last year’s 12.6 percent amid economic downturn, but rising disposable income will keep supporting sales in the world's largest vehicle market, UBS Securities Asia said today.
Deliveries of passenger cars may increase to about 20 million units for the year, mainly with sports utility vehicles (SUV) segment to grow 16 percent outperforming the overall market, according to UBS Securities' report released on Friday.
"Growth in three or four-tier cities in Anhui, Hefei and northeast areas would reach to nearly 20 percent, while coastal areas are slow down to below 5 percent," said Hou Yankun, head of China equity and Asian auto research at UBS.
"A booming consumption with higher income over the rural-urban areas this year is the main driver," Hou added.
In the passenger car segment including sedans, sports utility vehicles, multi-purpose vehicles and cross-overs, domestic car makers will post a fast growth in 2015, while joint-ventures are expected to face a zero growth over sales, Hou said.
The China Passenger Car Association said on April 9 that sales in the second quarter facing pressure due to cooling economy but will get warm again in the third and forth.
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