Passenger vehicle sales in China jumped 7.9 percent in March 2014

Article by Christian A., on April 14, 2014

Passenger vehicle sales in China surged 7.9 percent in March while wholesale deliveries jumped to 1.7 million units, according to the China Association of Automobile Manufacturers. In 2013, the association identified eight Chinese cities that may restrict car purchases, with two of them -- Hangzhou and Tianjin – already imposing such measures.

According to the Passenger Car Association, orders for vehicles reached 70,000 in Hangzhou on the day the city imposed quotas on new license plates. It is estimated that such panic purchases could boost vehicle sales in China by 500,000 units in 2014.

Xu Minfeng, an analyst at Central China Securities Holdings remarked that since 2013, there have been fears of ownership restrictions, noting that Hangzhou followed recently after the city of Tianjin started limiting vehicle registrations. In the first quarter of 2014, General Motors outsold Volkswagen AG to regain the sales lead among foreign carmakers in China.

GM posted a 13-percent jump in sales in China to 919,114 vehicles in the quarter, while Volkswagen logged a 14-percent leap in sales in China -- including Hong Kong – to 880,700 units. Overall, vehicle sales in China surged 6.6 percent to 2.2 million units in March and 9.2 percent to 5.9 million units in the first quarter of 2014.

Domestic brands accounted for 39.3 percent of industry sales, registering its seventh consecutive month of decline, according to CAAM. The association’s Secretary General Dong Yang remarked that drop exposes the weak competitiveness of domestic brands, which may continue for a while. He noted that the time for local brands to melee against foreign brands has already started and the outlook for them “isn't optimistic."

If you liked the article, share on:

Topics: china, sales

Comments

Recommended

Toyota recently surprised many with a restored 1965 Toyota Sports 800 that is regarded as the automaker’s oldest race car in existence. This model finished second in the 1966 Suzuka...
by - April 25, 2018
Ferrari decided to boost the 488 GTB and made its mid-engined V8 machine beefier for a more hardcore 488 Pista, which we saw around 2 months ago. Now, the engineers...
by - April 24, 2018
Undoubtedly, the Audi E-Tron is one of the most highly anticipated models out there. And guess what? It was only days ago that the electric SUV had been spotted testing...
by - April 24, 2018
As we all know, the newest Vision Mercedes-Maybach Ultimate Luxury will be officially revealed on April 25. However, even before its actual premiere, images of the said model had already...
by - April 23, 2018
We are certain that the BMW X3 M is coming, because spy shots of the said model have already been published online. But according to the Bavarians, they have something...
by - April 23, 2018