Chinese passenger car sale increase in September on discounts

Article by Christian A., on October 14, 2011

Passenger-car sales in China increased at a quicker pace for a fourth consecutive month in September, as car manufacturers presented discounts and customers purchased vehicles in advance of a week-long nationwide holiday.

The China Association of Automobile Manufacturers disclosed on Thursday that deliveries of vehicles including minivans and sport utility cars increased 8.8 percent to 1.32 million units last month. Sales rose 7.3 percent in August, 6.7 percent in July and 6.2 percent in June. Total sales of automobiles in September, including trucks and buses, increased to 1.65 million units or by 5.5 percent.

Carmaker stocks expanded gains in Hong Kong following the release of the data revealing that vehicle sales increased the quickest in seven months. Shares of companies such as Guangzhou Automobile Group Co. and BYD Co. have fallen this year over worries that the withdrawal of sales-tax breaks and rebates for countryside purchasers in January could decrease demand.

Analyst Han Weiqi at Shanghai-based CSC International Holdings Ltd. related that people have the impulse to purchase automobiles ahead of a long holiday, especially for October "as it's the best season for travel."

He added that the discounts offered by vehicle manufacturers have also contributed to the growth last month. However, overall demand has generally been lowered by the government's attempts to rein in consumer prices that progressed at the fastest speed in three years in July. The People's Bank of China has increased interest rates five times in the past 12 months and directed creditors to set aside a record amount as reserves. [source: Autonews]

If you liked the article, share on:

Topics: china, sales

Comments

Recommended

At Aston Martin, there is the Valkyrie. In the near future, there might also be a Valhalla. Another name that starts with letter “V,” the Valhalla has just been reserved...
by - November 16, 2018
The up-and-coming Audi E-tron GT four-door sports car is one of the electric cars that the premium carmaker has promised to deliver before 2025. But as early as now, some...
by - November 15, 2018
Magneti Marelli S.p.A., the high-end maker of automotive parts and components, will be soon own by a Japanese company. This comes as it current owner, Fiat Chrysler Automobiles has inked...
by - November 15, 2018
It has already been months since Czech carmaker Skoda unveiled the comprehensively refreshed – both in terms of design and engineering -- Fabia hatchback. Now, the car company will be...
by - November 14, 2018
After VIN registrations revealed months ago that Porsche was planning a new 718 Cayman T, new details have surfaced that about the hardcore model. According to a report by Auto...
by - November 14, 2018