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Car sales skid to three-year low
By Jin Jing |
January 12, 2009, Monday
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Online Edition
Online Edition
CHINA'S passenger car sales rose 7.3 percent last year, the slowest pace for at least three years, as the financial crisis weakened demand for new vehicles.
The cooling vehicle market has widely spurred concerns for the national economy and sped up an industry revival plan that will possibly be released this week to spur growth.
Domestic car makers delivered 6.76 million units including cars, sport-utility vehicles and multi-purpose vehicles last year, according to the China Association of Automobile Manufacturers.
Passenger car sales for December last year also grew a nine-year low of 8 percent to 584,600 units, the official industrial group added.
China's passenger car sales, which kept a robust growth of 20 percent for years, have fallen in four of the past five months as the global financial meltdown triggered economic downturn and eroded consumer purchasing power.
The central government has nearly finalized a revival plan to spur vehicle demand which could include scrapping vehicle purchase tax on vehicles with small-engine sizes, favorable car loans and subsidies for car owners who surrender vehicles years before the car's end of life cycle.
The revival plan aims to maintain an average 12 percent sales growth for the auto industry within three years, according to media reports.
Meanwhile, according to Bloomberg, China's overall vehicle sales, which also include trucks and buses, may rise about 5 percent this year, citing CAAM.
It said last year sales climbed 6.7 percent to 9.38 million while December sales tumbled 12 percent to 741,600.
The slowdown is hurting overseas car makers such as General Motors Corp and Volkswagen AG, which were counting on emerging market sales to offset slumping demand in the US and Europe.
Volkswagen, the biggest overseas car maker in China, boosted sales in the country 12.5 percent last year, compared with a 28 percent jump a year earlier. The automaker's venture with China FAW Group Corp topped the 2008 sales rankings. Its venture with SAIC Motor Corp was second.
GM's 2008 China sales growth slowed to 6 percent from 19 percent a year earlier. Its venture with SAIC Motor ranked third in the sales table.
Toyota Motor Corp, poised to surpass GM as the world's biggest car maker, boosted China car sales 17 percent last year. Its venture with China FAW ranked fourth.
The cooling vehicle market has widely spurred concerns for the national economy and sped up an industry revival plan that will possibly be released this week to spur growth.
Domestic car makers delivered 6.76 million units including cars, sport-utility vehicles and multi-purpose vehicles last year, according to the China Association of Automobile Manufacturers.
Passenger car sales for December last year also grew a nine-year low of 8 percent to 584,600 units, the official industrial group added.
China's passenger car sales, which kept a robust growth of 20 percent for years, have fallen in four of the past five months as the global financial meltdown triggered economic downturn and eroded consumer purchasing power.
The central government has nearly finalized a revival plan to spur vehicle demand which could include scrapping vehicle purchase tax on vehicles with small-engine sizes, favorable car loans and subsidies for car owners who surrender vehicles years before the car's end of life cycle.
The revival plan aims to maintain an average 12 percent sales growth for the auto industry within three years, according to media reports.
Meanwhile, according to Bloomberg, China's overall vehicle sales, which also include trucks and buses, may rise about 5 percent this year, citing CAAM.
It said last year sales climbed 6.7 percent to 9.38 million while December sales tumbled 12 percent to 741,600.
The slowdown is hurting overseas car makers such as General Motors Corp and Volkswagen AG, which were counting on emerging market sales to offset slumping demand in the US and Europe.
Volkswagen, the biggest overseas car maker in China, boosted sales in the country 12.5 percent last year, compared with a 28 percent jump a year earlier. The automaker's venture with China FAW Group Corp topped the 2008 sales rankings. Its venture with SAIC Motor Corp was second.
GM's 2008 China sales growth slowed to 6 percent from 19 percent a year earlier. Its venture with SAIC Motor ranked third in the sales table.
Toyota Motor Corp, poised to surpass GM as the world's biggest car maker, boosted China car sales 17 percent last year. Its venture with China FAW ranked fourth.
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