Car firms fail to meet sales targets
By Jin Jing |
July 13, 2010, Tuesday
|
Print Edition
Print Edition
A majority of China's auto makers, including half of the top 10 manufacturers, failed to reach their half-year sales target, according to the China Passenger Car Association.
The association disclosed that half of the top 10 car makers, including FAW Toyota, Guangqi Honda and Beijing Hyundai, fell short of their half-year sales target. Two of China's home-grown car makers, Chery Automobile and BYD Co, also missed their goals.
Among the 31 mainstream Chinese car makers which released their half-year sales performance, around 60 percent of China's self-branded car makers, including Brilliance Auto, Great Wall Motor and Jianghuai Motor, failed to achieve their targets.
"Generally speaking, joint ventures performed better than Chinese car makers as they are more rational in forecasting full year sales," said Wang Liusheng, an auto analyst at China Merchants Securities Co.
After sales in the auto market surged 46 percent, most car makers raised their output at the start of this year to meet the demand.
But the industry began to show signs of a slowdown in the second quarter of this year after sales peaked in January and the central government started to wind down its stimulus package.
The overall auto sales rose an annual 48 percent to 9.02 million units in the first half.
June's sales climbed 23 percent from a year earlier but declined 1.8 percent from May. Sales have seen declines on a monthly basis since March.
Analysts said market competition would be stiffer in the second half as car makers are expected to cut prices to boost sales amid the slowdown.
The association disclosed that half of the top 10 car makers, including FAW Toyota, Guangqi Honda and Beijing Hyundai, fell short of their half-year sales target. Two of China's home-grown car makers, Chery Automobile and BYD Co, also missed their goals.
Among the 31 mainstream Chinese car makers which released their half-year sales performance, around 60 percent of China's self-branded car makers, including Brilliance Auto, Great Wall Motor and Jianghuai Motor, failed to achieve their targets.
"Generally speaking, joint ventures performed better than Chinese car makers as they are more rational in forecasting full year sales," said Wang Liusheng, an auto analyst at China Merchants Securities Co.
After sales in the auto market surged 46 percent, most car makers raised their output at the start of this year to meet the demand.
But the industry began to show signs of a slowdown in the second quarter of this year after sales peaked in January and the central government started to wind down its stimulus package.
The overall auto sales rose an annual 48 percent to 9.02 million units in the first half.
June's sales climbed 23 percent from a year earlier but declined 1.8 percent from May. Sales have seen declines on a monthly basis since March.
Analysts said market competition would be stiffer in the second half as car makers are expected to cut prices to boost sales amid the slowdown.
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