China's auto sales jump 16% in May
Source: Agencies |
June 11, 2012, Monday
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Print Edition
Print Edition
CHINA'S auto market revved to life in May despite the weakening economy, with vehicle sales jumping nearly 16 percent from a year earlier to 1.61 million units, industry figures showed on Saturday.
Sales in the world's largest market for new vehicles last month were sharply higher than earlier in the year. Total auto sales in the first five months added 1.7 percent to 8.02 million units, the China Association of Automobile Manufacturers reported on Saturday.
With an annual 23 percent rise in sales to 1.28 million units, passenger car sales continued to outstrip those of commercial vehicles, CAAM said. It said 6.33 million passenger cars were sold in January-May, up 5.48 percent annually.
The data show the Chinese auto market is stabilizing, it said in a report posted on its website. However, the improvement also reflected low sales a year earlier, after the March 11 tsunami and earthquake disrupted production at Japanese auto factories.
The news comes amid speculation that the authorities might soon reinstate subsidies for car buyers who swap older vehicles for new, energy efficient ones. That could help spark economic growth, which fell to a nearly three-year low of 8.1 percent in the first quarter, but some analysts have warned that such a strategy might worsen overcapacity.
Strong vehicle output did contribute to a modest uptick in industrial production in May, which gained by 9.6 percent from a year earlier, up from April's 9.3 percent.
But the auto sales data showed sales of domestic brand vehicles were trailing as most of the gains went to foreign automakers.
Sales in the world's largest market for new vehicles last month were sharply higher than earlier in the year. Total auto sales in the first five months added 1.7 percent to 8.02 million units, the China Association of Automobile Manufacturers reported on Saturday.
With an annual 23 percent rise in sales to 1.28 million units, passenger car sales continued to outstrip those of commercial vehicles, CAAM said. It said 6.33 million passenger cars were sold in January-May, up 5.48 percent annually.
The data show the Chinese auto market is stabilizing, it said in a report posted on its website. However, the improvement also reflected low sales a year earlier, after the March 11 tsunami and earthquake disrupted production at Japanese auto factories.
The news comes amid speculation that the authorities might soon reinstate subsidies for car buyers who swap older vehicles for new, energy efficient ones. That could help spark economic growth, which fell to a nearly three-year low of 8.1 percent in the first quarter, but some analysts have warned that such a strategy might worsen overcapacity.
Strong vehicle output did contribute to a modest uptick in industrial production in May, which gained by 9.6 percent from a year earlier, up from April's 9.3 percent.
But the auto sales data showed sales of domestic brand vehicles were trailing as most of the gains went to foreign automakers.
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