Passenger car sales soar despite high inventories
By Lu Nengneng |
June 8, 2012, Friday
|
Print Edition
Print Edition
PASSENGER car sales in China revved up faster than expected in May but the market still suffered from the pressure of high inventories, latest data showed yesterday.
Sales of sedans, sport-utility vehicles, multi-purpose vehicles and minivans soared 16.6 percent year on year to 1.18 million units in May, the China Passenger Car Association said.
The growth far outpaced April's 6.1 percent rise. A total of 5.86 million units were sold in the first five months of this year, up an annual 4.4 percent.
Rao Da, secretary-general of the association, attributed the higher sales to the launch of new models and the Beijing auto show which unleashed more pent-up demand to buy cars in May. "The sales will remain on an upward track in June, but its growth may far lag that of May's," Rao said.
The production of passenger vehicles rose 21.5 percent in May to 1.26 million units, bringing the supply surplus for the past five months to 447,440 units from 364,958 units in April.
Sales of sedans, sport-utility vehicles, multi-purpose vehicles and minivans soared 16.6 percent year on year to 1.18 million units in May, the China Passenger Car Association said.
The growth far outpaced April's 6.1 percent rise. A total of 5.86 million units were sold in the first five months of this year, up an annual 4.4 percent.
Rao Da, secretary-general of the association, attributed the higher sales to the launch of new models and the Beijing auto show which unleashed more pent-up demand to buy cars in May. "The sales will remain on an upward track in June, but its growth may far lag that of May's," Rao said.
The production of passenger vehicles rose 21.5 percent in May to 1.26 million units, bringing the supply surplus for the past five months to 447,440 units from 364,958 units in April.
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