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Auto sales forecast to rise 10.7%
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AUTO sales may continue to post double-digit growth in China this year as anticipation of vehicle purchase restrictions in more cities has unleashed panic buying, UBS Securities said yesterday.
Total auto sales are expected to rise 10.7 percent to more than 25 million units in 2014, higher than the 9.1 percent increase in the first fourth months. Deliveries of passenger cars may increase 11.8 percent for the year, with small cars, sports utility vehicles and luxury models outperforming the overall market.
The China Passenger Car Association says demand caused by speculation that vehicle purchase restrictions will be extended to more than 10 cities may push sales up by 500,000 units this year.
But in general, sales may grow at a moderated pace compared with last year's 13.9 percent and further slow to 9.8 percent next year, UBS Securities said.
In the passenger car segment, Japanese brands may regain some market share in the next two years given their strong pipelines. Domestic carmakers have been losing ground for eight consecutive months but are still posting a stable performance from a mid-to-long term perspective, UBS Securities said.
Chinese automakers are going through a consolidation period and some lack strong offers to boost sales while adjusting their product portfolio, said Hou Yankun, head of Asia Autos Research at UBS Securities.
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