GM sales growth slows down on cooling market
By Jin Jing |
July 6, 2011, Wednesday
|
Print Edition
Print Edition
GENERAL Motors Corp reported a plunge in sales growth in China for the first half of this year as car makers suffer from cooling market demand after years of explosive growth.
The US auto giant yesterday said first-half sales increased by a mere 5.3 percent year on year to 1.27 million units. Though their sales volumes recorded an all-time high, sales growth drastically fell from a 48.5 percent gain during the first six months of 2010.
General Motors is not alone in experiencing a sales growth slowdown, as other car makers have also been hit by weak buyer sentiment after government incentives for small-engine vehicles expired and the fuel price increased.
Mazda Motor Corp reported a 4 percent fall in first-half sales in China to 102,703 units after June's sales fell 18 percent year on year.
China's total passenger car sales in May fell 0.1 percent from a year earlier to 1.04 million units, the first time in more than two years after the supply of Japanese cars was disrupted by the country's earthquake.
But June sales showed some recovery as car makers resorted to more price discounts and auto financing deals to lure back consumers. GM boosted June sales in China by 10 percent to a record monthly high of 193,878 units. Its passenger car venture with SAIC Motor Corp moved 101,524 units last month, jumping 41 percent year on year on stronger demand for Buick and Chevrolet sedans.
China Passenger Car Association expected total June sales to climb 12 percent to 960,000 units. Cui Dongshu, an analyst at the association, attributed the market rebound to growth off a low base in May and cautioned that negative factors including sales quotas in Beijing and higher fuel prices remain hurdles.
Sales of mini-vehicles in China by SAIC-GM-Wuling decreased 5.4 percent on an annual basis to 641,324 vehicles.
The US auto giant yesterday said first-half sales increased by a mere 5.3 percent year on year to 1.27 million units. Though their sales volumes recorded an all-time high, sales growth drastically fell from a 48.5 percent gain during the first six months of 2010.
General Motors is not alone in experiencing a sales growth slowdown, as other car makers have also been hit by weak buyer sentiment after government incentives for small-engine vehicles expired and the fuel price increased.
Mazda Motor Corp reported a 4 percent fall in first-half sales in China to 102,703 units after June's sales fell 18 percent year on year.
China's total passenger car sales in May fell 0.1 percent from a year earlier to 1.04 million units, the first time in more than two years after the supply of Japanese cars was disrupted by the country's earthquake.
But June sales showed some recovery as car makers resorted to more price discounts and auto financing deals to lure back consumers. GM boosted June sales in China by 10 percent to a record monthly high of 193,878 units. Its passenger car venture with SAIC Motor Corp moved 101,524 units last month, jumping 41 percent year on year on stronger demand for Buick and Chevrolet sedans.
China Passenger Car Association expected total June sales to climb 12 percent to 960,000 units. Cui Dongshu, an analyst at the association, attributed the market rebound to growth off a low base in May and cautioned that negative factors including sales quotas in Beijing and higher fuel prices remain hurdles.
Sales of mini-vehicles in China by SAIC-GM-Wuling decreased 5.4 percent on an annual basis to 641,324 vehicles.
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