Passenger auto sales set to grow 13% in 2016
Print Edition
PASSENGER car sales in China, the world’s biggest auto market, will grow nearly 13 percent this year from a year earlier, data from an industry association showed yesterday.
Judging from this year’s sales trend, sales of passenger and commercial vehicles will increase 10-12 percent year on year, according to China Passenger Car Association.
The growth rate is double the estimate of the China Association of Automobile Manufacturers, another major industry group, which forecast 6 percent growth at the beginning of the year.
Several domestic automakers said their own brands have become the vital driver of sales and profit growth.
Guangzhou Automobile Group Co reported a 107.6 percent growth in net profit in the first three quarters, with its own brand GAC Motor contributing the biggest source of profit.
BYD, the country’s leading new-energy vehicle maker, reported net profit of 3.66 billion yuan (US$540 million) for the first nine months, up 86.82 percent from the same period in 2015.
SAIC Motor Corp, the largest auto company on China’s A-share market, registered net profit of 23.09 billion yuan in the January-September period, up 8.6 percent year on year.
The strong momentum came as the Chinese economy has shown more signs of stabilizing in recent months.
Earlier official data showed China’s manufacturing Purchasing Managers’ Index was 50.4 in September, staying above the 50-point mark for the second month in a row.
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