Vehicle sales grow at slower pace
By Lu Nengneng |
August 10, 2012, Friday
|
Print Edition
Print Edition
AUTO sales grew at a slower pace last month due to seasonal demand, the China Association of Automobile Manufacturers said yesterday.
Sales of passenger cars and commercial vehicles increased 8.2 percent from a year earlier, but were down from June's 9.9 percent gain. Sales reached 1.38 million units in July, a decline from 1.58 million units the previous month.
Vehicle production also decelerated on a monthly basis with output weakening 6.2 percent from June to 1.44 million units. Production increased 10 percent in July from a year earlier and was up 0.9 percentage points from June.
"July is China's traditional low season for car sales and it comes at a time when automakers overhaul equipment and do maintenance," the association said.
Global carmakers, however, outperformed. General Motors Co and Ford Motor Co said July sales grew faster than the overall industry.
GM reported sales by its China unit and local partners rose 15.1 percent to 199,503 vehicles while Ford said sales were up 32 percent at 42,560.
China overtook the United States as the biggest car market by vehicles sold in 2010.
The association added that given the seasonal factors, "the sales performance was relatively stable, suggesting the market's upward trend remains unchanged."
The auto industry went through a rough patch in the first half of this year as it struggled to recover from a double-digit decline in January.
Vehicle sales reached 10.98 million units in the first seven months, up 3.6 percent from a year earlier.
These positive signs suggest China can achieve car sales of 20 million units this year, a forecast given by the association in January and maintained last month. If achieved, it would represent an 8 percent yearly increase in sales.
The association said auto sales will likely pick up in the second half of this year as it expects the economic situation to improve.
Citigroup said it expects a 5 percent rise in total auto sales this year, down from 2010's 32.4 percent rise.
Sales of passenger cars and commercial vehicles increased 8.2 percent from a year earlier, but were down from June's 9.9 percent gain. Sales reached 1.38 million units in July, a decline from 1.58 million units the previous month.
Vehicle production also decelerated on a monthly basis with output weakening 6.2 percent from June to 1.44 million units. Production increased 10 percent in July from a year earlier and was up 0.9 percentage points from June.
"July is China's traditional low season for car sales and it comes at a time when automakers overhaul equipment and do maintenance," the association said.
Global carmakers, however, outperformed. General Motors Co and Ford Motor Co said July sales grew faster than the overall industry.
GM reported sales by its China unit and local partners rose 15.1 percent to 199,503 vehicles while Ford said sales were up 32 percent at 42,560.
China overtook the United States as the biggest car market by vehicles sold in 2010.
The association added that given the seasonal factors, "the sales performance was relatively stable, suggesting the market's upward trend remains unchanged."
The auto industry went through a rough patch in the first half of this year as it struggled to recover from a double-digit decline in January.
Vehicle sales reached 10.98 million units in the first seven months, up 3.6 percent from a year earlier.
These positive signs suggest China can achieve car sales of 20 million units this year, a forecast given by the association in January and maintained last month. If achieved, it would represent an 8 percent yearly increase in sales.
The association said auto sales will likely pick up in the second half of this year as it expects the economic situation to improve.
Citigroup said it expects a 5 percent rise in total auto sales this year, down from 2010's 32.4 percent rise.
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