Early move lifts auto sales
By Jin Jing |
October 14, 2011, Friday
|
Print Edition
Print Edition
DOMESTIC automakers sold more vehicles in September as buyers moved forward their purchases before a more stringent subsidy scheme on fuel-efficient vehicles came into effect from October 1.
They sold 1.64 million vehicles last month, up 5.5 percent from a year earlier, the China Association of Automobile Manufacturers said yesterday. The pace beat a 4.1 percent gain in August, according to CAAM's data. The sales jumped 19 percent from a month earlier.
From October 1, the central government revised the 3,000 yuan (US$469) subsidy to cars consuming no more than 6.3 liters of fuel per 100 kilometers - lower from the previous 6.9 liters per 100 kilometers.
Demand for compact and mid-sized sedans were particularly strong amid market concerns that a majority of the models affected, including Volkswagen's Polo and General Motors' Cruze, would no longer benefit from the subsidy.
"Potential auto buyers with a relative low income are very sensitive to the subsidies on energy-saving vehicles," Rao Da, secretary-general of the China Passenger Car Association, said yesterday.
Carmakers gained from the rise in September sales. GM's sales added 15.3 percent year on year to 240,244 units while Shanghai VW's sales rose 13 percent to 105,564 units.
They sold 1.64 million vehicles last month, up 5.5 percent from a year earlier, the China Association of Automobile Manufacturers said yesterday. The pace beat a 4.1 percent gain in August, according to CAAM's data. The sales jumped 19 percent from a month earlier.
From October 1, the central government revised the 3,000 yuan (US$469) subsidy to cars consuming no more than 6.3 liters of fuel per 100 kilometers - lower from the previous 6.9 liters per 100 kilometers.
Demand for compact and mid-sized sedans were particularly strong amid market concerns that a majority of the models affected, including Volkswagen's Polo and General Motors' Cruze, would no longer benefit from the subsidy.
"Potential auto buyers with a relative low income are very sensitive to the subsidies on energy-saving vehicles," Rao Da, secretary-general of the China Passenger Car Association, said yesterday.
Carmakers gained from the rise in September sales. GM's sales added 15.3 percent year on year to 240,244 units while Shanghai VW's sales rose 13 percent to 105,564 units.
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