High fuel prices deter car buyers in China
By Jin Jing |
April 11, 2012, Wednesday
|
Print Edition
Print Edition
PASSENGER car sales in China grew at a slower pace in March due to slack demand, which was dented by the record high gasoline prices, industry data showed yesterday.
Carmakers sold a combined 1.04 million of sedans, sports-utility vehicles and multi-purpose vehicles last month, up an annual 4.1 percent, according to data from the China Passenger Car Association. But the growth lagged February's 27.7 percent increase.
The National Development and Reform Commission, China's economic planning body, raised the fuel prices for a second time in three weeks on March 20, weighing on the already weak market sentiment after the government's stimulus measures for the industry expired. China's home-grown carmakers are also facing tougher competition from international brands which have gained market share by selling entry-level models and cutting prices.
"The vehicle sales slowed down in the last week of March after the fuel prices were raised," said Rao Da, secretary of the association.
The first-quarter sales of passenger cars gained 2.9 percent to 2.92 million units, the association's figure showed.
"The impact of the higher fuel prices will extend to April and following months, particularly hurting the below mid-class segment as well as China's own brand vehicles," Rao said.
The China Association of Automobile Manufacturers earlier projected overall sales may grow 8 percent this year. In 2010, sales surged 32 percent.
The SUV segment posted the highest sales growth last month, jumping 20 percent to 155,175 units. Deliveries of sedans rose 2 percent in March while sales of MPVs fell 2.5 percent.
Shanghai General Motors, the venture between GM and SAIC Motor, was top with sales of 110,038 units last month.
Carmakers sold a combined 1.04 million of sedans, sports-utility vehicles and multi-purpose vehicles last month, up an annual 4.1 percent, according to data from the China Passenger Car Association. But the growth lagged February's 27.7 percent increase.
The National Development and Reform Commission, China's economic planning body, raised the fuel prices for a second time in three weeks on March 20, weighing on the already weak market sentiment after the government's stimulus measures for the industry expired. China's home-grown carmakers are also facing tougher competition from international brands which have gained market share by selling entry-level models and cutting prices.
"The vehicle sales slowed down in the last week of March after the fuel prices were raised," said Rao Da, secretary of the association.
The first-quarter sales of passenger cars gained 2.9 percent to 2.92 million units, the association's figure showed.
"The impact of the higher fuel prices will extend to April and following months, particularly hurting the below mid-class segment as well as China's own brand vehicles," Rao said.
The China Association of Automobile Manufacturers earlier projected overall sales may grow 8 percent this year. In 2010, sales surged 32 percent.
The SUV segment posted the highest sales growth last month, jumping 20 percent to 155,175 units. Deliveries of sedans rose 2 percent in March while sales of MPVs fell 2.5 percent.
Shanghai General Motors, the venture between GM and SAIC Motor, was top with sales of 110,038 units last month.
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