Rise in auto sales slows further in March
Print Edition
CHINA’S growth in auto sales decelerated further in March and local brands lost market share in the face of intense foreign competition, an industry group said yesterday.
Sales rose 7.9 percent to 1.7 million vehicles, according to the China Association of Automobile Manufacturers. That was down from February’s 11.3 percent growth.
Sales of Chinese domestic brands contracted by 2.3 percent to 672,000 vehicles, the association said. Their market share shrank by 4.1 percentage points from a year earlier to 39.3 percent.
China’s explosive auto sales growth has cooled steadily since peaking above 40 percent in 2009 as rapid economic expansion slows.
The economy grew by 7.7 percent last year, tying 2012 for the lowest rate since 1999. The government’s official growth target this year is 7.5 percent and, in a sign officials already worry they might fail to meet that, the government launched a mini-stimulus last month with higher spending on construction of railways and other public works.
General Motors, Toyota, Volkswagen and other global auto brands are looking to China, the world’s biggest auto market, to drive sales and are spending heavily to suit local tastes.
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