Automakers tumble after Xi'an tables proposal
By Zhu Shenshen |
August 4, 2012, Saturday
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Print Edition
Print Edition
THE shares of Chinese carmakers suffered yesterday after Xi'an announced a proposal to limit vehicle numbers, raising concerns it will lead to a drop in auto sales.
SAIC Motor Corp, China's biggest carmaker, dropped 3.88 percent to close at 12.38 yuan (US$1.96) yesterday. The Shanghai Composite Index gained 1.02 percent yesterday.
Great Wall Motor Co declined 5.3 percent to 15.55 yuan while Chongqing Changan Automobile Co, the Chinese partner of Ford Motor Co and Mazda Motor Corp, posted a 2.67 percent decline to close at 5.11 yuan.
The Xi'an government issued a proposal that includes a provision allowing local authorities to "control the total volume of vehicles." If the policy takes effect, Xi'an would join a growing number of cities, including Shanghai, Guangzhou and Beijing, that limit vehicle numbers to reduce traffic congestion and pollution.
SAIC Motor Corp, China's biggest carmaker, dropped 3.88 percent to close at 12.38 yuan (US$1.96) yesterday. The Shanghai Composite Index gained 1.02 percent yesterday.
Great Wall Motor Co declined 5.3 percent to 15.55 yuan while Chongqing Changan Automobile Co, the Chinese partner of Ford Motor Co and Mazda Motor Corp, posted a 2.67 percent decline to close at 5.11 yuan.
The Xi'an government issued a proposal that includes a provision allowing local authorities to "control the total volume of vehicles." If the policy takes effect, Xi'an would join a growing number of cities, including Shanghai, Guangzhou and Beijing, that limit vehicle numbers to reduce traffic congestion and pollution.
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