Passenger vehicle sales rally in March
By Jin Jing |
April 9, 2011, Saturday
|
Print Edition
Print Edition
CHINA'S passenger car sales rebounded in March, as car makers benefited from aggressive price cuts and new product offerings after government incentives expired.
Domestic auto makers sold a combined 1.24 million cars, sport-utility vehicles, multi-purpose vehicles and minivans last month, up 8 percent from a year earlier, the China Passenger Car Association said yesterday.
The rally was also up 40.3 percent from February, in which passenger car sales increased 2.6 percent year on year, the slowest pace in more than two years.
Rao Da, secretary-general of the association, said a slow base due to the Spring Festival holiday in February was part of the sales pick-up in March.
However, he said a sharp rise in fuel prices has weakened the outlook for April while Japan's earthquake and radioactive crisis will also start having an impact on the Chinese market.
"Japanese auto makers have planned lower output and have delayed new product launch in April, and the situation will worsen in early May."
First-quarter sales of passenger cars rose 8.6 percent year on year to 3.5 million units, the association said.
Analysts earlier forecast the industry's 2011 sales growth to be 10 to 15 percent after last year's jump of 30 percent as the government stimulus on small vehicles ended.
The China Association of Automobile Manufacturers is scheduled to release the total auto sales figure for March over the weekend.
Domestic auto makers sold a combined 1.24 million cars, sport-utility vehicles, multi-purpose vehicles and minivans last month, up 8 percent from a year earlier, the China Passenger Car Association said yesterday.
The rally was also up 40.3 percent from February, in which passenger car sales increased 2.6 percent year on year, the slowest pace in more than two years.
Rao Da, secretary-general of the association, said a slow base due to the Spring Festival holiday in February was part of the sales pick-up in March.
However, he said a sharp rise in fuel prices has weakened the outlook for April while Japan's earthquake and radioactive crisis will also start having an impact on the Chinese market.
"Japanese auto makers have planned lower output and have delayed new product launch in April, and the situation will worsen in early May."
First-quarter sales of passenger cars rose 8.6 percent year on year to 3.5 million units, the association said.
Analysts earlier forecast the industry's 2011 sales growth to be 10 to 15 percent after last year's jump of 30 percent as the government stimulus on small vehicles ended.
The China Association of Automobile Manufacturers is scheduled to release the total auto sales figure for March over the weekend.
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