Chinese auto sales not so impressive in February 2011, report says

Article by Christian A., on March 10, 2011

In February 2011, sales in China of carmakers such as Toyota Motor Corp., General Motors Co. and Honda Motor Co. were at their slowest pace in over two years as the government ended incentives and the demand fell due to a national holiday that lasted a week.

The China Association of Automobile Manufacturers said that wholesale of passenger cars in China, including sport utility and multi-purpose vehicles increased 2.6 percent from February 2010 to 967,200 units in February 2011 – the country’s slowest since January 2009, when car purchases dropped 7.8 percent.

Their deliveries slowed after China reinstated a 10 percent sales-tax rate on small cars in 2011 and phased out subsidies for vehicle trade-ins in rural areas.

In 2010, overall auto sales increased 32 percent to a record 18.06 million, helping China remain as the world’s largest vehicle market for the second year running.

According to industry analysts at Booz & Co. and Nomura Holdings Inc., the timing of China’s Lunar New Year holidays and lower incentives added to the slowdown.

Bill Russo, a Beijing-based senior adviser at Booz, said that car-buying peaks just before the holiday, as Chinese consumers like to display their shiny new autos to their families over the holidays. He said that the holidays started on Feb. 3, 2011, primarily boosting January 2011 sales, compared with Feb. 14, 2010, which aided that month’s sales. [via bloomberg]

Topics: china

If you liked the article, share on:

Comments

Recommended

For many years, Lamborghini has always relied on the use of large and powerful engines including the V10 and the V12. In fact, the company’s very first engine in the...
by - October 17, 2017
You can now get the Opel Crossland X that’s LPG-powered if you are not a fan of diesel. Recently, the company released their version of the Peugeot 2008 equipped with...
by - October 17, 2017
As seasons change, temperatures rise and fall. The changes affect our preferences when it comes to driving cars. Therefore, Aston Martin introduces the new DB11 Volante or convertible, and it...
by - October 16, 2017
Aston Martin may be known for building many of the stylish Bond cars we see on the big screen but nobody really knew how it can get super aggressive when...
by - October 16, 2017
Today, manual transmissions have become rare in mainstream cars and are more commonly found in performance cars within the $20,000 to $40,000 range. However, the selection of affordable, three-pedal performance...
by - October 16, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries